FINANCIAL & INVESTMENT MANAGEMENT GROUP LTD Activity Q4 1999-Q4 2018

Q4 2018

			Value		Shares		↓ Weighting
BTZ	Buy	BLACKROCK CR ALLCTN INC TR	$16,764,000	+62.5%	1,499,442	+77.9%	6.12%	+80.1%
FT	Buy	FRANKLIN UNVL TRsh ben int	$11,147,000	+3.8%	1,755,395	+8.7%	4.07%	+15.0%
GIM	Buy	TEMPLETON GLOBAL INCOME FD	$9,775,000	+17.5%	1,620,989	+19.3%	3.56%	+30.3%
KW	Sell	KENNEDY-WILSON HLDGS INC	$9,222,000	-21.3%	507,541	-6.9%	3.36%	-12.8%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$8,866,000	-15.5%	1,198,082	-9.0%	3.23%	-6.4%
WIW	New	WESTERN AST INFL LKD OPP & I	$7,168,000	–	706,203	–	2.61%	–
MRK	Sell	MERCK & CO INC	$7,004,000	-4.5%	91,667	-11.3%	2.56%	+5.8%
BWG	Buy	BRANDYWINEGBL GLBAL INM OPRT	$6,477,000	+19.7%	623,997	+26.0%	2.36%	+32.6%
BRX	Sell	BRIXMOR PPTY GROUP INC	$6,472,000	-25.0%	440,600	-10.6%	2.36%	-16.9%
PPR	Buy	VOYA PRIME RATE TRsh ben int	$6,359,000	+2.1%	1,416,299	+13.3%	2.32%	+13.2%
SCHP	Sell	SCHWAB STRATEGIC TRus tips etf	$6,053,000	-63.7%	113,674	-63.2%	2.21%	-59.8%
VER	Sell	VEREIT INC	$5,997,000	-10.3%	838,796	-8.9%	2.19%	-0.6%
SAND	Sell	SANDSTORM GOLD LTD	$5,945,000	+11.2%	1,289,636	-10.0%	2.17%	+23.3%
VTA	Buy	INVESCO DYNAMIC CR OPP FD	$5,900,000	+15.0%	574,519	+28.4%	2.15%	+27.4%
OMC	Sell	OMNICOM GROUP INC	$5,588,000	-2.4%	76,299	-9.4%	2.04%	+8.1%
BGT	New	BLACKROCK FLOATING RATE INCO	$5,532,000	–	478,926	–	2.02%	–
VVR	Buy	INVESCO SR INCOME TR	$4,848,000	+14.2%	1,239,806	+25.6%	1.77%	+26.6%
PHG	Buy	KONINKLIJKE PHILIPS N Vny reg sh new	$4,841,000	+30.8%	137,882	+69.6%	1.77%	+45.0%
KIM	Sell	KIMCO RLTY CORP	$4,547,000	-21.7%	310,345	-10.5%	1.66%	-13.3%
UNIT	Sell	UNITI GROUP INC	$4,276,000	-31.7%	274,601	-11.6%	1.56%	-24.3%
ARRY	Sell	ARRAY BIOPHARMA INC	$4,212,000	-17.2%	295,610	-11.7%	1.54%	-8.2%
DIS	Sell	DISNEY WALT CO	$4,011,000	-17.5%	36,580	-12.0%	1.46%	-8.6%
WPM	Sell	WHEATON PRECIOUS METALS CORP	$3,891,000	+1.4%	199,248	-9.1%	1.42%	+12.4%
VOD	Buy	VODAFONE GROUP PLC NEWsponsored adr	$3,854,000	+24.7%	199,888	+40.4%	1.41%	+38.2%
DSL	New	DOUBLELINE INCOME SOLUTIONS	$3,762,000	–	217,101	–	1.37%	–
REGN	Sell	REGENERON PHARMACEUTICALS	$3,521,000	-17.3%	9,427	-10.5%	1.28%	-8.4%
AQN	Sell	ALGONQUIN PWR UTILS CORP	$3,457,000	-11.2%	343,924	-8.4%	1.26%	-1.6%
COT	Buy	COTT CORP QUE	$3,411,000	-8.9%	244,721	+5.6%	1.24%	+1.0%
FRA	New	BLACKROCK FLOAT RATE OME STR	$3,363,000	–	282,595	–	1.23%	–
AFT	Buy	APOLLO SR FLOATING RATE FD I	$3,310,000	+299.8%	230,008	+344.1%	1.21%	+342.1%
NXPI	Buy	NXP SEMICONDUCTORS N V	$3,225,000	-11.2%	44,011	+3.6%	1.18%	-1.6%
T	Sell	AT&T INC	$3,172,000	-22.9%	111,141	-9.3%	1.16%	-14.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$3,100,000	-5.3%	55,134	-10.1%	1.13%	+4.9%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$3,097,000	-30.7%	497,053	-11.1%	1.13%	-23.2%
SBI	New	WESTERN ASSET INTM MUNI FD I	$2,962,000	–	354,781	–	1.08%	–
GDO	Buy	WESTERN ASSET GLOBAL CP DEFI	$2,929,000	+192.3%	195,555	+216.2%	1.07%	+223.6%
HASI	Sell	HANNON ARMSTRONG SUST INFR C	$2,894,000	-37.3%	151,911	-29.4%	1.06%	-30.5%
GDL	Sell	GDL FUND	$2,886,000	-12.9%	314,726	-13.7%	1.05%	-3.4%
PHD	New	PIONEER FLOATING RATE TR	$2,884,000	–	293,098	–	1.05%	–
GWRS	Sell	GLOBAL WTR RES INC	$2,883,000	-27.9%	284,281	-24.7%	1.05%	-20.1%
NUE	Buy	NUCOR CORP	$2,677,000	+110.3%	51,668	+157.5%	0.98%	+132.9%
PH	New	PARKER HANNIFIN CORP	$2,602,000	–	17,448	–	0.95%	–
OR	Sell	OSISKO GOLD ROYALTIES LTD	$2,589,000	+6.0%	294,878	-8.4%	0.94%	+17.4%
IEF	Sell	ISHARES TRbarclays 7 10 yr	$2,494,000	-20.2%	23,937	-22.5%	0.91%	-11.5%
MYI	New	BLACKROCK MUNIYIELD QLTY FD	$2,485,000	–	206,240	–	0.91%	–
SHY	Sell	ISHARES TR1 3 yr treas bd	$2,419,000	-22.9%	28,934	-23.4%	0.88%	-14.6%
GPL	Sell	GREAT PANTHER SILVER LTD	$2,271,000	-34.0%	3,199,264	-21.0%	0.83%	-26.9%
NUM	Buy	NUVEEN MICHIGAN QLT MUN INC	$2,156,000	+40.0%	173,036	+38.8%	0.79%	+55.0%
MUI	New	BLACKROCK MUNI INTER DR FD I	$2,126,000	–	168,091	–	0.78%	–
OPP	New	RIVERNORTH DOUBLELINE STRATE	$1,933,000	–	118,929	–	0.70%	–
FAX	Buy	ABERDEEN ASIA PACIFIC INCOM	$1,844,000	+170.4%	476,377	+189.0%	0.67%	+199.1%
ES	Buy	EVERSOURCE ENERGY	$1,839,000	+6.5%	28,272	+0.6%	0.67%	+18.1%
AGIO	Sell	AGIOS PHARMACEUTICALS INC	$1,832,000	-47.1%	39,738	-11.5%	0.67%	-41.4%
AAPL	Buy	APPLE INC	$1,544,000	+190.8%	9,788	+316.0%	0.56%	+221.7%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,495,000	-3.7%	7,320	+1.0%	0.54%	+6.7%
IGR	Sell	CBRE CLARION GLOBAL REAL EST	$1,389,000	-18.1%	225,510	-3.0%	0.51%	-9.3%
SELF	Sell	GLOBAL SELF STORAGE INC	$1,300,000	-16.0%	331,528	-10.3%	0.47%	-7.1%
MIN	Buy	MFS INTER INCOME TRsh ben int	$1,224,000	+3.1%	333,460	+5.6%	0.45%	+14.1%
EVN	New	EATON VANCE MUNI INCOME TRUSsh ben int	$1,220,000	–	107,869	–	0.44%	–
FAST	Sell	FASTENAL CO	$1,165,000	-23.7%	22,284	-15.3%	0.42%	-15.5%
EFF	New	EATON VANCE FLTG RATE INCOM	$1,166,000	–	82,010	–	0.42%	–
	Sell	HANNON ARMSTRONG SUST INFR Cnote 4.125% 9/0	$988,000	-12.6%	1,086,000	-6.6%	0.36%	-3.2%
ZROZ	Sell	PIMCO ETF TR25yr+ zero u s	$852,000	-77.7%	7,573	-78.4%	0.31%	-75.3%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$828,000	-28.5%	33,249	-21.8%	0.30%	-20.7%
DTE	Buy	DTE ENERGY CO	$824,000	+1.6%	7,471	+0.5%	0.30%	+12.7%
BTT	New	BLACKROCK MUN 2030 TAR TERM	$808,000	–	39,412	–	0.30%	–
GOAU	Sell	ETF SER SOLUTIONSus gbl gld pre	$777,000	-0.3%	68,129	-7.6%	0.28%	+10.5%
SPTL	Sell	SPDR SERIES TRUSTportfolio ln tsr	$752,000	-81.3%	21,474	-82.0%	0.27%	-79.4%
EVF	Buy	EATON VANCE SR INCOME TRsh ben int	$749,000	+171.4%	124,869	+191.9%	0.27%	+200.0%
PG	Sell	PROCTER AND GAMBLE CO	$748,000	+1.2%	8,133	-8.4%	0.27%	+12.3%
MIY	New	BLACKROCK MUNIYLD MICH QLTY	$691,000	–	55,597	–	0.25%	–
SPE	Buy	SPECIAL OPPORTUNITIES FD INC	$670,000	-3.7%	56,589	+22.2%	0.24%	+6.6%
GRX	Buy	GABELLI HLTHCARE & WELLNESS	$641,000	+53.7%	69,331	+83.4%	0.23%	+70.8%
ED	Buy	CONSOLIDATED EDISON INC	$609,000	+1.0%	7,966	+0.6%	0.22%	+12.1%
GROW	Sell	U S GLOBAL INVS INCcl a	$554,000	-40.9%	503,581	-18.4%	0.20%	-34.6%
SMTA	New	SPIRIT MTA REIT	$554,000	–	77,673	–	0.20%	–
BSD	New	BLACKROCK STRATEGIC MUN TR	$548,000	–	46,000	–	0.20%	–
IBMK	New	ISHARES TRibonds dec2022	$510,000	–	19,911	–	0.19%	–
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$507,000	-4.0%	30,817	-3.6%	0.18%	+6.3%
BBK	New	BLACKROCK MUNICIPAL BOND TR	$508,000	–	38,028	–	0.18%	–
BFK	Buy	BLACKROCK MUN INCOME TRsh ben int	$450,000	+95.7%	36,900	+99.5%	0.16%	+115.8%
BIF	Buy	BOULDER GROWTH & INCOME FD I	$447,000	-5.1%	42,831	+2.0%	0.16%	+5.2%
MQY	New	BLACKROCK MUNIYIELD QUALITY	$435,000	–	33,500	–	0.16%	–
BKN	New	BLACKROCK INVT QUALITY MUN T	$410,000	–	31,000	–	0.15%	–
SPEPRB	Sell	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$371,000	-23.5%	14,868	-21.8%	0.14%	-15.6%
UNH	Sell	UNITEDHEALTH GROUP INC	$353,000	-12.6%	1,418	-6.6%	0.13%	-3.0%
TIP	Sell	ISHARES TRtips bd etf	$345,000	-24.2%	3,154	-23.4%	0.13%	-16.0%
STIP	Sell	ISHARES TR0-5 yr tips etf	$303,000	-6.2%	3,094	-5.3%	0.11%	+4.7%
FCT	New	FIRST TR SR FLG RTE INCM FD	$296,000	–	26,450	–	0.11%	–
GLO	Sell	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$262,000	-26.4%	31,838	-3.2%	0.10%	-17.9%
VGIT	Sell	VANGUARD SCOTTSDALE FDSinter term treas	$258,000	-17.6%	4,070	-19.3%	0.09%	-8.7%
LWAY	Sell	LIFEWAY FOODS INC	$252,000	-61.9%	133,979	-46.1%	0.09%	-57.8%
JFR	New	NUVEEN FLOATING RATE INCOME	$248,000	–	26,850	–	0.09%	–
RNP	New	COHEN & STEERS REIT & PFD IN	$245,000	–	13,773	–	0.09%	–
RGT	Sell	ROYCE GLOBAL VALUE TR INC	$243,000	-34.3%	27,370	-22.2%	0.09%	-27.0%
NUV	Sell	NUVEEN MUN VALUE FD INC	$215,000	-23.5%	23,200	-22.7%	0.08%	-16.1%
IR	Sell	INGERSOLL-RAND PLC	$211,000	-19.8%	2,317	-9.7%	0.08%	-11.5%
SCHR	Sell	SCHWAB STRATEGIC TRintrm trm tres	$209,000	-95.5%	3,956	-95.5%	0.08%	-95.0%
MVF	Sell	BLACKROCK MUNIVEST FD INC	$203,000	-26.4%	24,600	-22.2%	0.07%	-18.7%
MMU	Sell	WESTERN ASST MNGD MUN FD INC	$203,000	-20.1%	16,000	-23.8%	0.07%	-11.9%
MYD	Sell	BLACKROCK MUNIYIELD FD INC	$200,000	-19.7%	16,000	-15.8%	0.07%	-11.0%
MVT	Sell	BLACKROCK MUNIVEST FD II INC	$188,000	-14.9%	14,375	-13.3%	0.07%	-5.5%
TDF	New	TEMPLETON DRAGON FD INC	$173,000	–	10,187	–	0.06%	–
MGF	Sell	MFS GOVT MKTS INCOME TRsh ben int	$162,000	-13.8%	36,184	-14.8%	0.06%	-4.8%
FMY	Sell	FIRST TRUST MORTGAGE INCM FD	$144,000	-10.6%	11,029	-8.5%	0.05%	0.0%
SQBG	Sell	SEQUENTIAL BRNDS GROUP INC N	$143,000	-91.4%	178,438	-82.1%	0.05%	-90.5%
WIA	New	WESTERN ASST INFLTN LKD INM	$134,000	–	12,682	–	0.05%	–
SNR	Sell	NEW SR INVT GROUP INC	$133,000	-48.4%	32,175	-26.5%	0.05%	-42.4%
BKT	Sell	BLACKROCK INCOME TR INC	$126,000	-3.1%	22,292	-1.7%	0.05%	+7.0%
LOR	New	LAZARD WORLD DIVID & INCOME	$88,000	–	10,332	–	0.03%	–
HD	Exit	HOME DEPOT INC	$0	–	-1,161	–	-0.08%	–
GIS	Exit	GENERAL MLS INC	$0	–	-7,104	–	-0.10%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,106	–	-0.10%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-27,525	–	-0.11%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-22,190	–	-0.11%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-3,181	–	-0.12%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-59,660	–	-0.16%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-12,845	–	-0.18%	–
PEP	Exit	PEPSICO INC	$0	–	-5,754	–	-0.21%	–
MCD	Exit	MCDONALDS CORP	$0	–	-4,576	–	-0.25%	–
EMI	Exit	EATON VANCE MI MUNI INCOME Tsh ben int	$0	–	-98,752	–	-0.40%	–
HBI	Exit	HANESBRANDS INC	$0	–	-238,684	–	-1.45%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-1,045,700	–	-1.92%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-447,811	–	-2.20%	–
BSJK	Exit	INVESCO EXCH TRD SLF IDX FD	$0	–	-373,075	–	-2.99%	–
SCHO	Exit	SCHWAB STRATEGIC TRsht tm us tres	$0	–	-272,960	–	-4.45%	–

Q3 2018

			Value		Shares		↓ Weighting
SCHP	Sell	SCHWAB STRATEGIC TRus tips etf	$16,673,000	-4.1%	308,987	-2.4%	5.49%	-0.1%
SCHO	Sell	SCHWAB STRATEGIC TRsht tm us tres	$13,531,000	-5.0%	272,960	-4.7%	4.45%	-1.0%
KW	Sell	KENNEDY-WILSON HLDGS INC	$11,715,000	-19.8%	544,898	-21.1%	3.86%	-16.4%
FT	Sell	FRANKLIN UNVL TRsh ben int	$10,740,000	-4.6%	1,615,002	-4.1%	3.54%	-0.6%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$10,498,000	-2.7%	1,317,173	-2.9%	3.46%	+1.4%
BTZ	Sell	BLACKROCK CR ALLCTN INC TR	$10,315,000	-1.4%	842,734	-2.7%	3.40%	+2.7%
BSJK	New	INVESCO EXCH TRD SLF IDX FD	$9,075,000	–	373,075	–	2.99%	–
BRX	Sell	BRIXMOR PPTY GROUP INC	$8,629,000	-2.1%	492,820	-2.6%	2.84%	+2.0%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$8,316,000	-3.2%	1,358,822	-2.8%	2.74%	+0.8%
MRK	Sell	MERCK & CO INC	$7,332,000	+12.9%	103,354	-3.4%	2.41%	+17.6%
VER	Sell	VEREIT INC	$6,685,000	-5.0%	920,862	-2.7%	2.20%	-1.0%
MPW	Sell	MEDICAL PPTYS TRUST INC	$6,677,000	-28.9%	447,811	-33.1%	2.20%	-25.9%
UNIT	Sell	UNITI GROUP INC	$6,260,000	-1.6%	310,648	-2.2%	2.06%	+2.6%
PPR	Sell	VOYA PRIME RATE TRsh ben int	$6,226,000	-4.7%	1,250,108	-3.8%	2.05%	-0.8%
NOK	Sell	NOKIA CORPsponsored adr	$5,835,000	-5.5%	1,045,700	-2.6%	1.92%	-1.5%
KIM	Sell	KIMCO RLTY CORP	$5,807,000	-4.1%	346,885	-2.7%	1.91%	-0.1%
OMC	Buy	OMNICOM GROUP INC	$5,727,000	-8.0%	84,197	+3.1%	1.88%	-4.2%
BWG	Buy	BRANDYWINEGBL GLBAL INM OPRT	$5,409,000	+11.1%	495,328	+16.1%	1.78%	+15.8%
SAND	Sell	SANDSTORM GOLD LTD	$5,345,000	-19.3%	1,432,980	-2.7%	1.76%	-16.0%
VTA	Sell	INVESCO DYNAMIC CR OPP FD	$5,132,000	-2.3%	447,427	-1.0%	1.69%	+1.7%
ARRY	Buy	ARRAY BIOPHARMA INC	$5,086,000	+36.5%	334,604	+50.7%	1.67%	+42.2%
DIS	Sell	DISNEY WALT CO	$4,863,000	+8.2%	41,586	-3.0%	1.60%	+12.7%
HASI	Buy	HANNON ARMSTRONG SUST INFR C	$4,619,000	+11.8%	215,134	+2.9%	1.52%	+16.5%
SCHR	Sell	SCHWAB STRATEGIC TRintrm trm tres	$4,598,000	-40.2%	88,783	-39.6%	1.51%	-37.7%
FSP	Sell	FRANKLIN STREET PPTYS CORP	$4,469,000	-11.6%	559,300	-5.3%	1.47%	-7.9%
HBI	Sell	HANESBRANDS INC	$4,399,000	-17.5%	238,684	-1.5%	1.45%	-14.1%
REGN	Sell	REGENERON PHARMACEUTICALS	$4,257,000	+13.7%	10,536	-2.9%	1.40%	+18.4%
VVR	Sell	INVESCO SR INCOME TR	$4,245,000	-2.8%	987,204	-3.3%	1.40%	+1.2%
T	New	AT&T INC	$4,115,000	–	122,544	–	1.36%	–
SPTL	Sell	SPDR SERIES TRUSTportfolio ln tsr	$4,030,000	-5.2%	119,224	-1.8%	1.33%	-1.3%
GWRS	Sell	GLOBAL WTR RES INC	$3,999,000	+11.7%	377,623	-0.8%	1.32%	+16.4%
AQN	New	ALGONQUIN PWR UTILS CORP	$3,891,000	–	375,606	–	1.28%	–
WPM	Sell	WHEATON PRECIOUS METALS CORP	$3,838,000	-23.7%	219,299	-3.9%	1.26%	-20.6%
ZROZ	Sell	PIMCO ETF TR25yr+ zero u s	$3,826,000	-8.2%	35,090	-2.9%	1.26%	-4.4%
COT	Buy	COTT CORP QUE	$3,743,000	+7.5%	231,744	+10.2%	1.23%	+12.0%
PHG	Sell	KONINKLIJKE PHILIPS N Vny reg sh new	$3,701,000	+5.6%	81,321	-1.9%	1.22%	+10.0%
NXPI	New	NXP SEMICONDUCTORS N V	$3,631,000	–	42,462	–	1.20%	–
AGIO	Buy	AGIOS PHARMACEUTICALS INC	$3,462,000	+40.5%	44,891	+53.4%	1.14%	+46.3%
GPL	Sell	GREAT PANTHER SILVER LTD	$3,442,000	-29.3%	4,048,896	-2.7%	1.13%	-26.4%
GDL	Buy	GDL FUND	$3,312,000	+2.5%	364,518	+3.5%	1.09%	+6.8%
VZ	New	VERIZON COMMUNICATIONS INC	$3,275,000	–	61,337	–	1.08%	–
SHY	Sell	ISHARES TR1 3 yr treas bd	$3,139,000	-11.0%	37,783	-10.6%	1.03%	-7.3%
IEF	Sell	ISHARES TRbarclays 7 10 yr	$3,124,000	-9.2%	30,877	-8.1%	1.03%	-5.5%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$3,090,000	-13.4%	142,414	-3.0%	1.02%	-9.8%
OR	Sell	OSISKO GOLD ROYALTIES LTD	$2,443,000	-22.0%	321,856	-2.7%	0.80%	-18.7%
ES	Buy	EVERSOURCE ENERGY	$1,727,000	+5.4%	28,116	+0.6%	0.57%	+9.7%
IGR	Buy	CBRE CLARION GLOBAL REAL EST	$1,697,000	+2.1%	232,511	+5.5%	0.56%	+6.5%
SQBG	Sell	SEQUENTIAL BRNDS GROUP INC N	$1,667,000	-21.0%	998,260	-6.8%	0.55%	-17.7%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,552,000	+15.8%	7,250	+1.0%	0.51%	+20.8%
SELF	Sell	GLOBAL SELF STORAGE INC	$1,548,000	-18.6%	369,452	-19.4%	0.51%	-15.1%
NUM	Buy	NUVEEN MICHIGAN QLT MUN INC	$1,540,000	-1.7%	124,657	+0.7%	0.51%	+2.4%
FAST	Buy	FASTENAL CO	$1,527,000	+43.7%	26,311	+19.1%	0.50%	+49.7%
NUE	New	NUCOR CORP	$1,273,000	–	20,062	–	0.42%	–
EMI	Sell	EATON VANCE MI MUNI INCOME Tsh ben int	$1,227,000	-4.2%	98,752	-0.6%	0.40%	-0.2%
MIN	Sell	MFS INTER INCOME TRsh ben int	$1,187,000	-7.0%	315,641	-4.5%	0.39%	-3.0%
FWONK	Sell	LIBERTY MEDIA CORP DELAWARE	$1,158,000	+1.1%	42,504	-4.0%	0.38%	+5.2%
	Sell	HANNON ARMSTRONG SUST INFR Cnote 4.125% 9/0	$1,130,000	-2.2%	1,163,000	-3.3%	0.37%	+1.9%
GDO	Buy	WESTERN ASSET GLOBAL CP DEFI	$1,002,000	+31.5%	61,837	+35.9%	0.33%	+36.9%
GROW	Sell	U S GLOBAL INVS INCcl a	$938,000	-13.3%	617,292	-8.2%	0.31%	-9.6%
AFT	Sell	APOLLO SR FLOATING RATE FD I	$828,000	-4.3%	51,789	-2.2%	0.27%	0.0%
DTE	Buy	DTE ENERGY CO	$811,000	+16.9%	7,435	+11.1%	0.27%	+21.9%
GOAU	Buy	ETF SER SOLUTIONSus gbl gld pre	$779,000	-16.2%	73,723	+0.9%	0.26%	-12.9%
MCD	Buy	MCDONALDS CORP	$766,000	+7.7%	4,576	+0.9%	0.25%	+12.0%
PG	Buy	PROCTER AND GAMBLE CO	$739,000	+6.6%	8,883	+0.0%	0.24%	+11.0%
SPE	Sell	SPECIAL OPPORTUNITIES FD INC	$696,000	-7.2%	46,305	-7.3%	0.23%	-3.4%
FAX	Buy	ABERDEEN ASIA PACIFIC INCOM	$682,000	-1.0%	164,832	+3.3%	0.22%	+3.2%
LWAY	Sell	LIFEWAY FOODS INC	$661,000	-54.5%	248,410	-14.0%	0.22%	-52.5%
ED	Buy	CONSOLIDATED EDISON INC	$603,000	-1.8%	7,918	+0.6%	0.20%	+2.1%
AC	Sell	ASSOCIATED CAP GROUP INCcl a	$547,000	-71.0%	12,845	-74.1%	0.18%	-69.7%
AAPL	New	APPLE INC	$531,000	–	2,353	–	0.18%	–
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$528,000	-5.0%	31,959	-1.8%	0.17%	-1.1%
LXP	Sell	LEXINGTON REALTY TRUST	$495,000	-90.2%	59,660	-89.7%	0.16%	-89.8%
SPEPRB	Sell	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$485,000	-1.4%	19,017	-1.3%	0.16%	+3.2%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$471,000	-0.2%	41,981	-8.7%	0.16%	+4.0%
TIP	Sell	ISHARES TRtips bd etf	$455,000	-17.1%	4,116	-15.4%	0.15%	-13.3%
GRX	Buy	GABELLI HLTHCARE & WELLNESS	$417,000	+11.2%	37,809	+0.9%	0.14%	+16.1%
TLT	Sell	ISHARES TR20 yr tr bd etf	$373,000	-18.4%	3,181	-15.3%	0.12%	-14.6%
RGT	New	ROYCE GLOBAL VALUE TR INC	$370,000	–	35,177	–	0.12%	–
GLO	Sell	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$356,000	-5.8%	32,877	-4.4%	0.12%	-1.7%
MSF	Buy	MORGAN STANLEY EMER MKTS FD	$346,000	-1.7%	22,190	+2.4%	0.11%	+2.7%
GGZ	New	GABELLI GLB SML & MD CP VAL	$336,000	–	27,525	–	0.11%	–
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$319,000	+9.2%	2,106	+0.8%	0.10%	+14.1%
VGIT	Sell	VANGUARD SCOTTSDALE FDSinter term treas	$313,000	-23.7%	5,045	-22.9%	0.10%	-20.8%
	Sell	ROYAL GOLD INCnote 2.875% 6/1	$276,000	-8.0%	274,000	-3.5%	0.09%	-4.2%
EVF	Sell	EATON VANCE SR INCOME TRsh ben int	$276,000	-6.8%	42,776	-7.8%	0.09%	-3.2%
MVF	New	BLACKROCK MUNIVEST FD INC	$276,000	–	31,600	–	0.09%	–
SNR	Sell	NEW SR INVT GROUP INC	$258,000	-94.9%	43,791	-93.5%	0.08%	-94.7%
MVT	New	BLACKROCK MUNIVEST FD II INC	$221,000	–	16,575	–	0.07%	–
MTT	New	WESTERN ASSET MUN DEF OPP TR	$205,000	–	10,000	–	0.07%	–
NZF	New	NUVEEN MUNICIPAL CREDIT INC	$202,000	–	14,000	–	0.07%	–
PML	New	PIMCO MUN INCOME FD II	$198,000	–	15,000	–	0.06%	–
MHD	New	BLACKROCK MUNIHOLDINGS FD IN	$194,000	–	13,000	–	0.06%	–
MGF	Sell	MFS GOVT MKTS INCOME TRsh ben int	$188,000	-4.1%	42,473	-2.7%	0.06%	0.0%
NEV	New	NUVEEN ENHANCED MUN VALUE FD	$183,000	–	14,000	–	0.06%	–
FMY	Sell	FIRST TRUST MORTGAGE INCM FD	$161,000	-6.4%	12,054	-5.8%	0.05%	-1.9%
BKT	Buy	BLACKROCK INCOME TR INC	$130,000	+2.4%	22,668	+3.7%	0.04%	+7.5%
AEG	Buy	AEGON N Vny registry sh	$90,000	+11.1%	13,971	+2.5%	0.03%	+15.4%
AWP	Exit	ALPINE GLOBAL PREMIER PPTYS	$0	–	-14,750	–	-0.03%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-9,698	–	-0.06%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-2,310	–	-0.07%	–
AMD	Exit	ADVANCED MICRO DEVICES INC	$0	–	-99,584	–	-0.47%	–
AGI	Exit	ALAMOS GOLD INC NEW	$0	–	-801,436	–	-1.44%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-872,345	–	-2.21%	–

Q2 2018

			Value		Shares		↓ Weighting
SCHP	New	SCHWAB STRATEGIC TRus tips etf	$17,380,000	–	316,526	–	5.49%	–
KW	New	KENNEDY-WILSON HLDGS INC	$14,601,000	–	690,357	–	4.61%	–
SCHO	New	SCHWAB STRATEGIC TRsht tm us tres	$14,240,000	–	286,292	–	4.50%	–
FT	New	FRANKLIN UNVL TRsh ben int	$11,254,000	–	1,684,657	–	3.56%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$10,789,000	–	1,357,051	–	3.41%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$10,466,000	–	866,387	–	3.31%	–
MPW	New	MEDICAL PPTYS TRUST INC	$9,391,000	–	668,886	–	2.97%	–
BRX	New	BRIXMOR PPTY GROUP INC	$8,817,000	–	505,828	–	2.79%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$8,588,000	–	1,398,678	–	2.71%	–
SCHR	New	SCHWAB STRATEGIC TRintrm trm tres	$7,686,000	–	146,876	–	2.43%	–
VER	New	VEREIT INC	$7,039,000	–	946,096	–	2.22%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$7,005,000	–	872,345	–	2.21%	–
SAND	New	SANDSTORM GOLD LTD	$6,626,000	–	1,472,492	–	2.09%	–
PPR	New	VOYA PRIME RATE TRsh ben int	$6,535,000	–	1,299,252	–	2.06%	–
MRK	New	MERCK & CO INC	$6,494,000	–	106,991	–	2.05%	–
UNIT	New	UNITI GROUP INC	$6,359,000	–	317,485	–	2.01%	–
OMC	New	OMNICOM GROUP INC	$6,227,000	–	81,648	–	1.97%	–
NOK	New	NOKIA CORPsponsored adr	$6,172,000	–	1,073,402	–	1.95%	–
KIM	New	KIMCO RLTY CORP	$6,054,000	–	356,355	–	1.91%	–
HBI	New	HANESBRANDS INC	$5,333,000	–	242,201	–	1.68%	–
VTA	New	INVESCO DYNAMIC CR OPP FD	$5,253,000	–	452,096	–	1.66%	–
SNR	New	NEW SR INVT GROUP INC	$5,094,000	–	672,894	–	1.61%	–
FSP	New	FRANKLIN STREET PPTYS CORP	$5,057,000	–	590,802	–	1.60%	–
LXP	New	LEXINGTON REALTY TRUST	$5,048,000	–	578,188	–	1.60%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$5,033,000	–	228,136	–	1.59%	–
GPL	New	GREAT PANTHER SILVER LTD	$4,871,000	–	4,163,174	–	1.54%	–
BWG	New	BRANDYWINEGBL GLBAL INM OPRT	$4,867,000	–	426,576	–	1.54%	–
AGI	New	ALAMOS GOLD INC NEW	$4,560,000	–	801,436	–	1.44%	–
DIS	New	DISNEY WALT CO	$4,495,000	–	42,888	–	1.42%	–
VVR	New	INVESCO SR INCOME TR	$4,368,000	–	1,020,552	–	1.38%	–
SPTL	New	SPDR SERIES TRUSTportfolio ln tsr	$4,253,000	–	121,413	–	1.34%	–
ZROZ	New	PIMCO ETF TR25yr+ zero u s	$4,169,000	–	36,141	–	1.32%	–
HASI	New	HANNON ARMSTRONG SUST INFR C	$4,131,000	–	209,162	–	1.30%	–
REGN	New	REGENERON PHARMACEUTICALS	$3,743,000	–	10,850	–	1.18%	–
ARRY	New	ARRAY BIOPHARMA INC	$3,726,000	–	222,053	–	1.18%	–
GWRS	New	GLOBAL WTR RES INC	$3,579,000	–	380,797	–	1.13%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$3,570,000	–	146,847	–	1.13%	–
SHY	New	ISHARES TR1 3 yr treas bd	$3,525,000	–	42,283	–	1.11%	–
PHG	New	KONINKLIJKE PHILIPS N Vny reg sh new	$3,504,000	–	82,902	–	1.11%	–
COT	New	COTT CORP QUE	$3,481,000	–	210,311	–	1.10%	–
IEF	New	ISHARES TRbarclays 7 10 yr	$3,442,000	–	33,581	–	1.09%	–
GDL	New	GDL FUND	$3,232,000	–	352,095	–	1.02%	–
OR	New	OSISKO GOLD ROYALTIES LTD	$3,131,000	–	330,650	–	0.99%	–
AGIO	New	AGIOS PHARMACEUTICALS INC	$2,464,000	–	29,258	–	0.78%	–
SQBG	New	SEQUENTIAL BRNDS GROUP INC N	$2,111,000	–	1,071,575	–	0.67%	–
SELF	New	GLOBAL SELF STORAGE INC	$1,902,000	–	458,364	–	0.60%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$1,883,000	–	49,606	–	0.60%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$1,662,000	–	220,423	–	0.52%	–
ES	New	EVERSOURCE ENERGY	$1,638,000	–	27,954	–	0.52%	–
NUM	New	NUVEEN MICHIGAN QLT MUN INC	$1,567,000	–	123,807	–	0.50%	–
AMD	New	ADVANCED MICRO DEVICES INC	$1,493,000	–	99,584	–	0.47%	–
LWAY	New	LIFEWAY FOODS INC	$1,452,000	–	288,731	–	0.46%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,340,000	–	7,181	–	0.42%	–
EMI	New	EATON VANCE MI MUNI INCOME Tsh ben int	$1,281,000	–	99,352	–	0.40%	–
MIN	New	MFS INTER INCOME TRsh ben int	$1,276,000	–	330,671	–	0.40%	–
	New	HANNON ARMSTRONG SUST INFR Cnote 4.125% 9/0	$1,155,000	–	1,203,000	–	0.36%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$1,145,000	–	44,264	–	0.36%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$1,128,000	–	4	–	0.36%	–
GROW	New	U S GLOBAL INVS INCcl a	$1,082,000	–	672,285	–	0.34%	–
FAST	New	FASTENAL CO	$1,063,000	–	22,088	–	0.34%	–
GOAU	New	ETF SER SOLUTIONSus gbl gld pre	$930,000	–	73,072	–	0.29%	–
AFT	New	APOLLO SR FLOATING RATE FD I	$865,000	–	52,964	–	0.27%	–
CL	New	COLGATE PALMOLIVE CO	$791,000	–	12,200	–	0.25%	–
GDO	New	WESTERN ASSET GLOBAL CP DEFI	$762,000	–	45,499	–	0.24%	–
SPE	New	SPECIAL OPPORTUNITIES FD INC	$750,000	–	49,935	–	0.24%	–
MCD	New	MCDONALDS CORP	$711,000	–	4,536	–	0.22%	–
PG	New	PROCTER AND GAMBLE CO	$693,000	–	8,882	–	0.22%	–
DTE	New	DTE ENERGY CO	$694,000	–	6,695	–	0.22%	–
FAX	New	ABERDEEN ASIA PACIFIC INCOM	$689,000	–	159,548	–	0.22%	–
PEP	New	PEPSICO INC	$626,000	–	5,754	–	0.20%	–
ED	New	CONSOLIDATED EDISON INC	$614,000	–	7,871	–	0.19%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$556,000	–	32,542	–	0.18%	–
TIP	New	ISHARES TRtips bd etf	$549,000	–	4,866	–	0.17%	–
SPEPRB	New	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$492,000	–	19,261	–	0.16%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$472,000	–	45,962	–	0.15%	–
TLT	New	ISHARES TR20 yr tr bd etf	$457,000	–	3,755	–	0.14%	–
VGIT	New	VANGUARD SCOTTSDALE FDSinter term treas	$410,000	–	6,545	–	0.13%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$378,000	–	34,407	–	0.12%	–
UNH	New	UNITEDHEALTH GROUP INC	$372,000	–	1,518	–	0.12%	–
GRX	New	GABELLI HLTHCARE & WELLNESS	$375,000	–	37,469	–	0.12%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$352,000	–	21,676	–	0.11%	–
STIP	New	ISHARES TR0-5 yr tips etf	$326,000	–	3,268	–	0.10%	–
GIS	New	GENERAL MLS INC	$314,000	–	7,104	–	0.10%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$301,000	–	5,011	–	0.10%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$300,000	–	284,000	–	0.10%	–
EVF	New	EATON VANCE SR INCOME TRsh ben int	$296,000	–	46,376	–	0.09%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$292,000	–	2,089	–	0.09%	–
NUV	New	NUVEEN MUN VALUE FD INC	$287,000	–	30,000	–	0.09%	–
MMU	New	WESTERN ASST MNGD MUN FD INC	$266,000	–	21,000	–	0.08%	–
MYD	New	BLACKROCK MUNIYIELD FD INC	$253,000	–	19,000	–	0.08%	–
ADI	New	ANALOG DEVICES INC	$252,000	–	2,632	–	0.08%	–
BFK	New	BLACKROCK MUN INCOME TRsh ben int	$238,000	–	18,500	–	0.08%	–
IR	New	INGERSOLL-RAND PLC	$230,000	–	2,567	–	0.07%	–
HD	New	HOME DEPOT INC	$227,000	–	1,161	–	0.07%	–
RGLD	New	ROYAL GOLD INC	$214,000	–	2,310	–	0.07%	–
CTXS	New	CITRIX SYS INC	$210,000	–	2,000	–	0.07%	–
TDF	New	TEMPLETON DRAGON FD INC	$207,000	–	9,698	–	0.06%	–
MFL	New	BLACKROCK MUNIHLDS INVSTM QL	$207,000	–	16,000	–	0.06%	–
MGF	New	MFS GOVT MKTS INCOME TRsh ben int	$196,000	–	43,645	–	0.06%	–
FMY	New	FIRST TRUST MORTGAGE INCM FD	$172,000	–	12,796	–	0.05%	–
BKT	New	BLACKROCK INCOME TR INC	$127,000	–	21,853	–	0.04%	–
AWP	New	ALPINE GLOBAL PREMIER PPTYS	$94,000	–	14,750	–	0.03%	–
AEG	New	AEGON N Vny registry sh	$81,000	–	13,630	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
AEG	Exit	AEGON N Vny registry sh	$0	–	-13,315	–	-0.02%	–
TZOO	Exit	TRAVELZOO	$0	–	-11,426	–	-0.03%	–
BTG	Exit	B2GOLD CORP	$0	–	-35,400	–	-0.03%	–
AWP	Exit	ALPINE GLOBAL PREMIER PPTYS	$0	–	-18,507	–	-0.04%	–
LWAY	Exit	LIFEWAY FOODS INC	$0	–	-15,565	–	-0.05%	–
CGO	Exit	CALAMOS GLOBAL TOTAL RETURN	$0	–	-12,107	–	-0.05%	–
CSCO	Exit	CISCO SYS INC	$0	–	-6,650	–	-0.07%	–
ADI	Exit	ANALOG DEVICES INC	$0	–	-2,632	–	-0.08%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-14,574	–	-0.08%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-12,407	–	-0.08%	–
NIM	Exit	NUVEEN SELECT MAT MUN FDsh ben int	$0	–	-26,825	–	-0.09%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,518	–	-0.10%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,053	–	-0.10%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-17,685	–	-0.10%	–
	Exit	ROYAL GOLD INCnote 2.875% 6/1	$0	–	-314,000	–	-0.11%	–
SPE	Exit	SPECIAL OPPORTUNITIES FD INC	$0	–	-23,712	–	-0.12%	–
GIS	Exit	GENERAL MLS INC	$0	–	-7,278	–	-0.12%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-5,011	–	-0.13%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-35,280	–	-0.13%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-3,345	–	-0.14%	–
ZF	Exit	VIRTUS TOTAL RETURN FUND INC	$0	–	-32,416	–	-0.14%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-27,033	–	-0.14%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-46,393	–	-0.16%	–
IRDM	Exit	IRIDIUM COMMUNICATIONS INC	$0	–	-47,916	–	-0.16%	–
SPEPRB	Exit	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$0	–	-21,007	–	-0.18%	–
NXP	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-39,000	–	-0.19%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-7,731	–	-0.21%	–
NXQ	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-48,000	–	-0.22%	–
MCD	Exit	MCDONALDS CORP	$0	–	-4,336	–	-0.22%	–
PEP	Exit	PEPSICO INC	$0	–	-6,194	–	-0.23%	–
DTE	Exit	DTE ENERGY CO	$0	–	-6,588	–	-0.23%	–
GOAU	Exit	ETF SER SOLUTIONSus gbl gld pre	$0	–	-59,928	–	-0.25%	–
VSI	Exit	VITAMIN SHOPPE INC	$0	–	-144,703	–	-0.26%	–
NXR	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-53,000	–	-0.27%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-61,996	–	-0.27%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-9,229	–	-0.28%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-111,423	–	-0.29%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-12,200	–	-0.29%	–
FAST	Exit	FASTENAL CO	$0	–	-22,694	–	-0.34%	–
NUM	Exit	NUVEEN MICHIGAN QLT MUN INC	$0	–	-76,282	–	-0.34%	–
GPL	Exit	GREAT PANTHER SILVER LTD	$0	–	-876,971	–	-0.36%	–
EMI	Exit	EATON VANCE MI MUNI INCOME Tsh ben int	$0	–	-82,810	–	-0.36%	–
MIN	Exit	MFS INTER INCOME TRsh ben int	$0	–	-297,035	–	-0.42%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-1,081,125	–	-0.44%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-7,301	–	-0.44%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-16,363	–	-0.46%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-335,600	–	-0.50%	–
ERIC	Exit	ERICSSONadr b sek 10	$0	–	-285,594	–	-0.54%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-27,509	–	-0.55%	–
SQBG	Exit	SEQUENTIAL BRNDS GROUP INC N	$0	–	-708,700	–	-0.70%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-329,489	–	-0.73%	–
HASI	Exit	HANNON ARMSTRONG SUST INFR C	$0	–	-99,143	–	-0.80%	–
SHY	Exit	ISHARES TR1 3 yr treas bd	$0	–	-29,050	–	-0.81%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-1,534,111	–	-0.88%	–
ARRY	Exit	ARRAY BIOPHARMA INC	$0	–	-226,256	–	-0.92%	–
BWG	Exit	LEGG MASON BW GLB INC OPP FD	$0	–	-230,062	–	-1.02%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-175,342	–	-1.09%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-712,921	–	-1.14%	–
IEF	Exit	ISHARES TRbarclays 7 10 yr	$0	–	-34,620	–	-1.22%	–
GDL	Exit	GDL FUND	$0	–	-363,647	–	-1.23%	–
GWRS	Exit	GLOBAL WTR RES INC	$0	–	-399,330	–	-1.24%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-260,372	–	-1.28%	–
SPTL	Exit	SPDR SERIES TRUSTbloomberg lng tr	$0	–	-56,763	–	-1.35%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-115,604	–	-1.36%	–
DIS	Exit	DISNEY WALT CO	$0	–	-43,409	–	-1.41%	–
ZROZ	Exit	PIMCO ETF TR25yr+ zero u s	$0	–	-38,413	–	-1.48%	–
WIA	Exit	WESTERN ASSET CLYM INFL SEC	$0	–	-405,633	–	-1.55%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-2,222,875	–	-1.56%	–
UNIT	Exit	UNITI GROUP INC	$0	–	-326,305	–	-1.58%	–
VOD	Exit	VODAFONE GROUP PLC NEWsponsored adr	$0	–	-182,189	–	-1.71%	–
COT	Exit	COTT CORP QUE	$0	–	-356,323	–	-1.77%	–
RIC	Exit	RICHMONT MINES INC	$0	–	-605,957	–	-1.87%	–
VER	Exit	VEREIT INC	$0	–	-712,087	–	-1.95%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-697,923	–	-2.11%	–
SRC	Exit	SPIRIT RLTY CAP INC NEW	$0	–	-803,689	–	-2.28%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-1,152,402	–	-2.28%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-1,558,627	–	-2.34%	–
NYRT	Exit	NEW YORK REIT INC	$0	–	-1,002,941	–	-2.60%	–
WPM	Exit	WHEATON PRECIOUS METALS CORP	$0	–	-419,074	–	-2.64%	–
FT	Exit	FRANKLIN UNVL TRsh ben int	$0	–	-1,125,359	–	-2.70%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-642,294	–	-2.79%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-531,414	–	-3.26%	–
BSCH	Exit	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2017	$0	–	-625,376	–	-4.67%	–
WIW	Exit	WESTERN ASSET CLYM INFL OPP	$0	–	-2,187,628	–	-8.16%	–
SCHR	Exit	SCHWAB STRATEGIC TRintrm trm tres	$0	–	-573,756	–	-10.22%	–
SCHO	Exit	SCHWAB STRATEGIC TRsht tm us tres	$0	–	-770,449	–	-12.83%	–

Q3 2017

			Value		Shares		↓ Weighting
SCHO	Buy	SCHWAB STRATEGIC TRsht tm us tres	$38,831,000	+5.0%	770,449	+5.0%	12.83%	-5.1%
SCHR	Buy	SCHWAB STRATEGIC TRintrm trm tres	$30,937,000	+819.9%	573,756	+820.7%	10.22%	+731.9%
WIW	Sell	WESTERN ASSET CLYM INFL OPP	$24,676,000	-13.4%	2,187,628	-15.3%	8.16%	-21.7%
BSCH	Sell	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2017	$14,143,000	-0.2%	625,376	-0.2%	4.67%	-9.8%
KW	Buy	KENNEDY-WILSON HLDGS INC	$9,858,000	+9.5%	531,414	+12.5%	3.26%	-0.9%
MPW	Buy	MEDICAL PPTYS TRUST INC	$8,433,000	+2.1%	642,294	+0.1%	2.79%	-7.7%
FT	Sell	FRANKLIN UNVL TRsh ben int	$8,181,000	+1.4%	1,125,359	-0.3%	2.70%	-8.3%
WPM	Buy	WHEATON PRECIOUS METALS CORP	$8,000,000	+15.5%	419,074	+20.3%	2.64%	+4.4%
NYRT	Buy	NEW YORK REIT INC	$7,873,000	+54.4%	1,002,941	+69.9%	2.60%	+39.6%
SAND	Sell	SANDSTORM GOLD LTD	$7,076,000	+8.7%	1,558,627	-7.4%	2.34%	-1.7%
NOK	Buy	NOKIA CORPsponsored adr	$6,891,000	-2.8%	1,152,402	+0.1%	2.28%	-12.2%
SRC	Sell	SPIRIT RLTY CAP INC NEW	$6,888,000	+14.9%	803,689	-0.7%	2.28%	+3.8%
SNR	Buy	NEW SR INVT GROUP INC	$6,386,000	-6.9%	697,923	+2.3%	2.11%	-15.9%
VER	Buy	VEREIT INC	$5,903,000	+6.3%	712,087	+4.4%	1.95%	-3.9%
RIC	Buy	RICHMONT MINES INC	$5,666,000	+32.6%	605,957	+10.6%	1.87%	+19.9%
COT	Sell	COTT CORP QUE	$5,348,000	+2.6%	356,323	-1.3%	1.77%	-7.3%
VOD	Sell	VODAFONE GROUP PLC NEWsponsored adr	$5,185,000	-1.0%	182,189	-0.1%	1.71%	-10.5%
UNIT	New	UNITI GROUP INC	$4,784,000	–	326,305	–	1.58%	–
GROW	Sell	U S GLOBAL INVS INCcl a	$4,735,000	+31.0%	2,222,875	-6.5%	1.56%	+18.5%
WIA	Sell	WESTERN ASSET CLYM INFL SEC	$4,685,000	-20.1%	405,633	-21.8%	1.55%	-27.8%
ZROZ	Sell	PIMCO ETF TR25yr+ zero u s	$4,476,000	-1.3%	38,413	-0.7%	1.48%	-10.8%
DIS	Buy	DISNEY WALT CO	$4,279,000	+86.3%	43,409	+100.8%	1.41%	+68.3%
AC	Buy	ASSOCIATED CAP GROUP INCcl a	$4,127,000	+66.5%	115,604	+58.6%	1.36%	+50.6%
SPTL	Sell	SPDR SERIES TRUSTbloomberg lng tr	$4,086,000	-0.6%	56,763	-0.4%	1.35%	-10.1%
CVA	Buy	COVANTA HLDG CORP	$3,867,000	+12.7%	260,372	+0.2%	1.28%	+1.9%
GWRS	Sell	GLOBAL WTR RES INC	$3,762,000	-7.0%	399,330	-2.2%	1.24%	-15.9%
GDL	Sell	GDL FUND	$3,709,000	-2.6%	363,647	-2.0%	1.23%	-11.9%
IEF	Sell	ISHARES TRbarclays 7 10 yr	$3,688,000	-1.8%	34,620	-1.8%	1.22%	-11.2%
SELF	Sell	GLOBAL SELF STORAGE INC	$3,443,000	-20.6%	712,921	-19.5%	1.14%	-28.2%
BRX	New	BRIXMOR PPTY GROUP INC	$3,296,000	–	175,342	–	1.09%	–
BWG	Sell	LEGG MASON BW GLB INC OPP FD	$3,092,000	-56.1%	230,062	-56.8%	1.02%	-60.3%
ARRY	New	ARRAY BIOPHARMA INC	$2,783,000	–	226,256	–	0.92%	–
TURN	Sell	180 DEGREE CAP CORP	$2,669,000	+2.1%	1,534,111	-5.0%	0.88%	-7.7%
HASI	Sell	HANNON ARMSTRONG SUST INFR C	$2,416,000	-41.6%	99,143	-45.2%	0.80%	-47.2%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$2,221,000	-69.0%	329,489	-69.0%	0.73%	-71.9%
SQBG	Buy	SEQUENTIAL BRNDS GROUP INC N	$2,119,000	+0.6%	708,700	+34.3%	0.70%	-9.1%
ES	Buy	EVERSOURCE ENERGY	$1,663,000	+0.1%	27,509	+0.5%	0.55%	-9.4%
ERIC	Sell	ERICSSONadr b sek 10	$1,642,000	-20.5%	285,594	-0.8%	0.54%	-28.1%
VVR	New	INVESCO SR INCOME TR	$1,507,000	–	335,600	–	0.50%	–
RGLD	Sell	ROYAL GOLD INC	$1,408,000	-81.3%	16,363	-83.1%	0.46%	-83.1%
LOV	Buy	SPARK NETWORKS INC	$1,319,000	+47.4%	1,081,125	+15.9%	0.44%	+33.3%
MIN	Sell	MFS INTER INCOME TRsh ben int	$1,271,000	-5.4%	297,035	-4.4%	0.42%	-14.5%
GPL	New	GREAT PANTHER SILVER LTD	$1,087,000	–	876,971	–	0.36%	–
FAST	Buy	FASTENAL CO	$1,034,000	+5.3%	22,694	+0.6%	0.34%	-4.7%
IGR	Buy	CBRE CLARION GLOBAL REAL EST	$880,000	+5.3%	111,423	+2.8%	0.29%	-4.9%
PG	Buy	PROCTER AND GAMBLE CO	$840,000	+4.5%	9,229	+0.0%	0.28%	-5.4%
GGZ	Sell	GABELLI GLB SML & MD CP VAL	$820,000	+2.9%	61,996	-3.9%	0.27%	-6.9%
NXR	Sell	NUVEEN SELECT TAX FREE INCMsh ben int	$805,000	+1.9%	53,000	-1.9%	0.27%	-8.0%
VSI	Buy	VITAMIN SHOPPE INC	$774,000	-54.1%	144,703	+0.0%	0.26%	-58.4%
GOAU	Sell	ETF SER SOLUTIONSus gbl gld pre	$759,000	+4.5%	59,928	-1.6%	0.25%	-5.3%
DTE	Buy	DTE ENERGY CO	$707,000	+2.0%	6,588	+0.5%	0.23%	-7.5%
PEP	New	PEPSICO INC	$690,000	–	6,194	–	0.23%	–
ED	Buy	CONSOLIDATED EDISON INC	$624,000	+0.5%	7,731	+0.5%	0.21%	-9.3%
SPEPRB	Sell	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$538,000	-0.9%	21,007	-1.4%	0.18%	-10.1%
IRDM	Sell	IRIDIUM COMMUNICATIONS INC	$494,000	-10.5%	47,916	-4.1%	0.16%	-19.3%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$473,000	+0.4%	46,393	-4.3%	0.16%	-9.3%
BGB	Sell	BLACKSTONE GSO STRATEGIC CR	$432,000	-2.0%	27,033	-2.4%	0.14%	-11.2%
ZF	Sell	VIRTUS TOTAL RETURN FUND INC	$423,000	+1.7%	32,416	-4.5%	0.14%	-7.9%
TLT	New	ISHARES TR20 yr tr bd etf	$417,000	–	3,345	–	0.14%	–
GLO	Sell	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$394,000	-10.3%	35,280	-14.9%	0.13%	-18.8%
GIS	New	GENERAL MLS INC	$377,000	–	7,278	–	0.12%	–
SPE	Buy	SPECIAL OPPORTUNITIES FD INC	$376,000	+57.3%	23,712	+50.8%	0.12%	+42.5%
MSF	Buy	MORGAN STANLEY EMER MKTS FD	$307,000	+12.0%	17,685	+4.1%	0.10%	+1.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$298,000	-1.7%	2,053	+4.1%	0.10%	-11.7%
NIM	Sell	NUVEEN SELECT MAT MUN FDsh ben int	$277,000	+1.8%	26,825	-0.6%	0.09%	-7.1%
TDF	Sell	TEMPLETON DRAGON FD INC	$258,000	+2.4%	12,407	-0.7%	0.08%	-7.6%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$251,000	+1.6%	14,574	-1.9%	0.08%	-7.8%
CSCO	Buy	CISCO SYS INC	$224,000	+9.8%	6,650	+2.2%	0.07%	-1.3%
CGO	Sell	CALAMOS GLOBAL TOTAL RETURN	$162,000	-50.5%	12,107	-51.2%	0.05%	-55.0%
AWP	Sell	ALPINE GLOBAL PREMIER PPTYS	$123,000	-9.6%	18,507	-13.8%	0.04%	-18.0%
TZOO	New	TRAVELZOO	$98,000	–	11,426	–	0.03%	–
AEG	Buy	AEGON N Vny registry sh	$77,000	+16.7%	13,315	+2.6%	0.02%	+4.2%
EOD	Exit	WELLS FARGO GLOBAL DIVIDEND	$0	–	-21,720	–	-0.05%	–
DRA	Exit	DIVERSIFIED REAL ASSET INC F	$0	–	-12,254	–	-0.08%	–
MMT	Exit	MFS MULTIMARKET INCOME TRsh ben int	$0	–	-81,082	–	-0.18%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-125,327	–	-0.44%	–
SBGL	Exit	SIBANYE GOLD LTDsponsored adr	$0	–	-510,186	–	-0.86%	–

Q2 2017

			Value		Shares		↓ Weighting
SCHO	New	SCHWAB STRATEGIC TRsht tm us tres	$36,987,000	–	733,572	–	13.52%	–
WIW	New	WESTERN ASSET CLYM INFL OPP	$28,479,000	–	2,584,285	–	10.41%	–
BSCH	New	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2017	$14,171,000	–	626,751	–	5.18%	–
KW	New	KENNEDY-WILSON HLDGS INC	$8,999,000	–	472,391	–	3.29%	–
MPW	New	MEDICAL PPTYS TRUST INC	$8,256,000	–	641,490	–	3.02%	–
FT	New	FRANKLIN UNVL TRsh ben int	$8,068,000	–	1,128,325	–	2.95%	–
RGLD	New	ROYAL GOLD INC	$7,548,000	–	96,562	–	2.76%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$7,153,000	–	1,064,493	–	2.62%	–
NOK	New	NOKIA CORPsponsored adr	$7,090,000	–	1,150,943	–	2.59%	–
BWG	New	LEGG MASON BW GLB INC OPP FD	$7,049,000	–	532,815	–	2.58%	–
WPM	New	WHEATON PRECIOUS METALS CORP	$6,926,000	–	348,227	–	2.53%	–
SNR	New	NEW SR INVT GROUP INC	$6,860,000	–	682,564	–	2.51%	–
SAND	New	SANDSTORM GOLD LTD	$6,511,000	–	1,682,307	–	2.38%	–
SRC	New	SPIRIT RLTY CAP INC NEW	$5,997,000	–	809,339	–	2.19%	–
WIA	New	WESTERN ASSET CLYM INFL SEC	$5,864,000	–	518,970	–	2.14%	–
VER	New	VEREIT INC	$5,554,000	–	682,302	–	2.03%	–
VOD	New	VODAFONE GROUP PLC NEWsponsored adr	$5,240,000	–	182,380	–	1.92%	–
COT	New	COTT CORP QUE	$5,213,000	–	360,988	–	1.91%	–
NYRT	New	NEW YORK REIT INC	$5,099,000	–	590,205	–	1.86%	–
ZROZ	New	PIMCO ETF TR25yr+ zero u s	$4,536,000	–	38,683	–	1.66%	–
SELF	New	GLOBAL SELF STORAGE INC	$4,337,000	–	885,164	–	1.58%	–
RIC	New	RICHMONT MINES INC	$4,274,000	–	548,008	–	1.56%	–
HASI	New	HANNON ARMSTRONG SUST INFR C	$4,136,000	–	180,846	–	1.51%	–
SPTL	New	SPDR SERIES TRUSTbloomberg lng tr	$4,110,000	–	56,996	–	1.50%	–
GWRS	New	GLOBAL WTR RES INC	$4,043,000	–	408,410	–	1.48%	–
GDL	New	GDL FUND	$3,809,000	–	371,255	–	1.39%	–
IEF	New	ISHARES TR7-10yr tr bd etf	$3,757,000	–	35,245	–	1.37%	–
GROW	New	U S GLOBAL INVS INCcl a	$3,615,000	–	2,378,219	–	1.32%	–
CVA	New	COVANTA HLDG CORP	$3,431,000	–	259,888	–	1.25%	–
SCHR	New	SCHWAB STRATEGIC TRintrm trm tres	$3,363,000	–	62,319	–	1.23%	–
TURN	New	180 DEGREE CAP CORP	$2,615,000	–	1,614,501	–	0.96%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$2,478,000	–	72,870	–	0.91%	–
SHY	New	ISHARES TR1-3 yr tr bd etf	$2,454,000	–	29,050	–	0.90%	–
SBGL	New	SIBANYE GOLD LTDsponsored adr	$2,362,000	–	510,186	–	0.86%	–
DIS	New	DISNEY WALT CO	$2,297,000	–	21,617	–	0.84%	–
SQBG	New	SEQUENTIAL BRNDS GROUP INC N	$2,106,000	–	527,699	–	0.77%	–
ERIC	New	ERICSSONadr b sek 10	$2,065,000	–	288,001	–	0.76%	–
VSI	New	VITAMIN SHOPPE INC	$1,685,000	–	144,654	–	0.62%	–
ES	New	EVERSOURCE ENERGY	$1,661,000	–	27,366	–	0.61%	–
MIN	New	MFS INTER INCOME TRsh ben int	$1,343,000	–	310,818	–	0.49%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,237,000	–	7,301	–	0.45%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$1,204,000	–	125,327	–	0.44%	–
EMI	New	EATON VANCE MI MUNI INCOME Tsh ben int	$1,120,000	–	82,810	–	0.41%	–
NUM	New	NUVEEN MICHIGAN QLT MUN INC	$1,045,000	–	76,282	–	0.38%	–
FAST	New	FASTENAL CO	$982,000	–	22,555	–	0.36%	–
CL	New	COLGATE PALMOLIVE CO	$904,000	–	12,200	–	0.33%	–
LOV	New	SPARK NETWORKS INC	$895,000	–	932,413	–	0.33%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$836,000	–	108,351	–	0.31%	–
PG	New	PROCTER AND GAMBLE CO	$804,000	–	9,228	–	0.29%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$797,000	–	64,503	–	0.29%	–
NXR	New	NUVEEN SELECT TAX FREE INCMsh ben int	$790,000	–	54,000	–	0.29%	–
GOAU	New	ETF SER SOLUTIONSus gbl gld pre	$726,000	–	60,911	–	0.26%	–
DTE	New	DTE ENERGY CO	$693,000	–	6,554	–	0.25%	–
MCD	New	MCDONALDS CORP	$664,000	–	4,336	–	0.24%	–
NXQ	New	NUVEEN SELECT TAX FREE INCMsh ben int	$658,000	–	48,000	–	0.24%	–
ED	New	CONSOLIDATED EDISON INC	$621,000	–	7,689	–	0.23%	–
NXP	New	NUVEEN SELECT TAX FREE INCMsh ben int	$561,000	–	39,000	–	0.20%	–
IRDM	New	IRIDIUM COMMUNICATIONS INC	$552,000	–	49,966	–	0.20%	–
SPEPRB	New	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$543,000	–	21,313	–	0.20%	–
MMT	New	MFS MULTIMARKET INCOME TRsh ben int	$503,000	–	81,082	–	0.18%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$471,000	–	48,472	–	0.17%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$441,000	–	27,698	–	0.16%	–
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$439,000	–	41,438	–	0.16%	–
ZF	New	VIRTUS TOTAL RETURN FUND INC	$416,000	–	33,956	–	0.15%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$392,000	–	5,011	–	0.14%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$339,000	–	314,000	–	0.12%	–
CGO	New	CALAMOS GLOBAL TOTAL RETURN	$327,000	–	24,817	–	0.12%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$303,000	–	1,973	–	0.11%	–
UNH	New	UNITEDHEALTH GROUP INC	$281,000	–	1,518	–	0.10%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$274,000	–	16,985	–	0.10%	–
NIM	New	NUVEEN SELECT MAT MUN FDsh ben int	$272,000	–	27,000	–	0.10%	–
TDF	New	TEMPLETON DRAGON FD INC	$252,000	–	12,499	–	0.09%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$247,000	–	14,850	–	0.09%	–
SPE	New	SPECIAL OPPORTUNITIES FD INC	$239,000	–	15,724	–	0.09%	–
DRA	New	DIVERSIFIED REAL ASSET INC F	$214,000	–	12,254	–	0.08%	–
CSCO	New	CISCO SYS INC	$204,000	–	6,504	–	0.08%	–
ADI	New	ANALOG DEVICES INC	$205,000	–	2,632	–	0.08%	–
LWAY	New	LIFEWAY FOODS INC	$145,000	–	15,565	–	0.05%	–
AWP	New	ALPINE GLOBAL PREMIER PPTYS	$136,000	–	21,465	–	0.05%	–
EOD	New	WELLS FARGO GLOBAL DIVIDEND	$133,000	–	21,720	–	0.05%	–
BTG	New	B2GOLD CORP	$99,000	–	35,400	–	0.04%	–
AEG	New	AEGON N Vny registry sh	$66,000	–	12,983	–	0.02%	–

Q4 2016

			Value		Shares		↓ Weighting
AEG	Exit	AEGON N Vny registry sh	$0	–	-12,651	–	-0.02%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-14,725	–	-0.02%	–
JVA	Exit	COFFEE HLDGS INC	$0	–	-11,675	–	-0.02%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-10,100	–	-0.03%	–
CSQ	Exit	CALAMOS STRATEGIC TOTL RETN	$0	–	-16,022	–	-0.05%	–
JRO	Exit	NUVEEN FLTNG RTE INCM OPP FD	$0	–	-15,275	–	-0.06%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-13,374	–	-0.08%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-15,767	–	-0.08%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,721	–	-0.08%	–
DRA	Exit	DIVERSIFIED REAL ASSET INC F	$0	–	-13,935	–	-0.08%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-16,568	–	-0.08%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-34,087	–	-0.09%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-1,934	–	-0.10%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-27,297	–	-0.11%	–
GGN	Exit	GAMCO GLOBAL GOLD NAT RES &	$0	–	-54,001	–	-0.11%	–
	Exit	ROYAL GOLD INCnote 2.875% 6/1	$0	–	-334,000	–	-0.12%	–
GPT	Exit	GRAMERCY PPTY TR	$0	–	-38,560	–	-0.12%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-5,011	–	-0.13%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-49,934	–	-0.14%	–
EVG	Exit	EATON VANCE SH TM DR DIVR IN	$0	–	-32,973	–	-0.15%	–
GLU	Exit	GABELLI GLOBL UTIL & INCOME	$0	–	-25,998	–	-0.16%	–
AWP	Exit	ALPINE GLOBAL PREMIER PPTYS	$0	–	-99,510	–	-0.18%	–
SPEPRB	Exit	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$0	–	-22,142	–	-0.19%	–
FNGN	Exit	FINANCIAL ENGINES INC	$0	–	-20,520	–	-0.20%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-8,343	–	-0.21%	–
GLV	Exit	CLOUGH GLOBAL DIVND AND INC	$0	–	-53,268	–	-0.21%	–
NSL	Exit	NUVEEN SR INCOME FD	$0	–	-100,629	–	-0.22%	–
DTE	Exit	DTE ENERGY CO	$0	–	-7,201	–	-0.22%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-441,477	–	-0.23%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-65,672	–	-0.23%	–
SBW	Exit	WESTERN ASSET WORLDWIDE INCO	$0	–	-66,075	–	-0.25%	–
AAPL	Exit	APPLE INC	$0	–	-6,807	–	-0.25%	–
RNP	Exit	COHEN & STEERS REIT & PFD IN	$0	–	-39,014	–	-0.26%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-62,834	–	-0.26%	–
PG	Exit	PROCTER AND GAMBLE CO	$0	–	-9,039	–	-0.26%	–
NUM	Exit	NUVEEN MICH QUALITY INCOME M	$0	–	-60,653	–	-0.29%	–
CGO	Exit	CALAMOS GLOBAL TOTAL RETURN	$0	–	-78,143	–	-0.29%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-12,200	–	-0.30%	–
FAST	Exit	FASTENAL CO	$0	–	-24,062	–	-0.33%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-7,352	–	-0.35%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-30,485	–	-0.35%	–
BTG	Exit	B2GOLD CORP	$0	–	-413,315	–	-0.36%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-140,418	–	-0.37%	–
VER	Exit	VEREIT INC	$0	–	-117,516	–	-0.40%	–
EOD	Exit	WELLS FARGO GLOBAL DIVIDENDwf global oppty	$0	–	-213,412	–	-0.41%	–
CHW	Exit	CALAMOS GBL DYN INCOME FUND	$0	–	-170,124	–	-0.42%	–
EMI	Exit	EATON VANCE MI MUNI INCOME Tsh ben int	$0	–	-92,810	–	-0.43%	–
ERC	Exit	WELLS FARGO MULTI SECTOR INCwf mlt sectr inc	$0	–	-116,326	–	-0.49%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-118,594	–	-0.52%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-29,860	–	-0.53%	–
COT	Exit	COTT CORP QUE	$0	–	-113,619	–	-0.53%	–
SPE	Exit	SPECIAL OPPORTUNITIES FD INC	$0	–	-110,541	–	-0.54%	–
TIVO	Exit	TIVO INC	$0	–	-88,586	–	-0.56%	–
GLO	Exit	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$0	–	-184,307	–	-0.58%	–
LOR	Exit	LAZARD WORLD DIVID & INCOME	$0	–	-186,709	–	-0.62%	–
TINY	Exit	HARRIS & HARRIS GROUP INC	$0	–	-1,385,168	–	-0.63%	–
DIS	Exit	DISNEY WALT CO	$0	–	-22,564	–	-0.69%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-106,543	–	-0.79%	–
GDL	Exit	GDL FUND	$0	–	-244,558	–	-0.80%	–
SHY	Exit	ISHARES TR1-3 yr tr bd etf	$0	–	-29,075	–	-0.81%	–
FOF	Exit	COHEN & STEERS CLOSED END OP	$0	–	-218,171	–	-0.88%	–
GWRS	Exit	GLOBAL WTR RES INC	$0	–	-373,929	–	-0.98%	–
CVA	Exit	COVANTA HLDG CORP	$0	–	-224,430	–	-1.13%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-4,479	–	-1.14%	–
BSCG	Exit	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2016	$0	–	-161,022	–	-1.16%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-457,036	–	-1.17%	–
BWG	Exit	LEGG MASON BW GLB INC OPP FD	$0	–	-283,371	–	-1.26%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-387,660	–	-1.31%	–
MMT	Exit	MFS MULTIMARKET INCOME TRsh ben int	$0	–	-681,787	–	-1.36%	–
STKL	Exit	SUNOPTA INC	$0	–	-608,752	–	-1.41%	–
GAIA	Exit	GAIAM INCcl a	$0	–	-629,984	–	-1.48%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-2,505,162	–	-1.51%	–
SCHR	Exit	SCHWAB STRATEGIC TRintrm trm tres	$0	–	-84,044	–	-1.53%	–
PPR	Exit	VOYA PRIME RATE TRsh ben int	$0	–	-897,625	–	-1.55%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-826,969	–	-1.57%	–
DPG	Exit	DUFF & PHELPS GLB UTL INC FD	$0	–	-285,769	–	-1.60%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-229,661	–	-1.62%	–
SELF	Exit	GLOBAL SELF STORAGE INC	$0	–	-990,888	–	-1.71%	–
STJ	Exit	ST JUDE MED INC	$0	–	-65,720	–	-1.72%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-897,075	–	-1.83%	–
PHD	Exit	PIONEER FLOATING RATE TR	$0	–	-474,791	–	-1.83%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-419,768	–	-2.03%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-558,389	–	-2.11%	–
FRA	Exit	BLACKROCK FLOAT RATE OME STR	$0	–	-470,567	–	-2.13%	–
EFF	Exit	EATON VANCE FLTG RATE INCOM	$0	–	-426,174	–	-2.18%	–
BSCH	Exit	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2017	$0	–	-306,717	–	-2.28%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-1,735,277	–	-2.46%	–
FT	Exit	FRANKLIN UNVL TRsh ben int	$0	–	-1,132,740	–	-2.52%	–
VTA	Exit	INVESCO DYNAMIC CR OPP FD	$0	–	-678,092	–	-2.61%	–
SAND	Exit	SANDSTORM GOLD LTD	$0	–	-1,599,234	–	-2.63%	–
WIA	Exit	WESTERN ASSET CLYM INFL SEC	$0	–	-766,988	–	-2.87%	–
AFT	Exit	APOLLO SR FLOATING RATE FD I	$0	–	-569,264	–	-3.15%	–
RGLD	Exit	ROYAL GOLD INC	$0	–	-127,573	–	-3.23%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-455,346	–	-4.03%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-1,558,875	–	-4.33%	–
WIW	Exit	WESTERN ASSET CLYM INFL OPP	$0	–	-3,914,948	–	-14.34%	–

Q3 2016

			Value		Shares		↓ Weighting
WIW	Buy	WESTERN ASSET CLYM INFL OPP	$43,808,000	+0.8%	3,914,948	+0.1%	14.34%	+8.2%
JQC	Sell	NUVEEN CR STRATEGIES INCM FD	$13,219,000	+3.8%	1,558,875	-1.1%	4.33%	+11.4%
SLW	Sell	SILVER WHEATON CORP	$12,308,000	+13.3%	455,346	-1.3%	4.03%	+21.7%
RGLD	Buy	ROYAL GOLD INC	$9,878,000	+9.3%	127,573	+1.6%	3.23%	+17.3%
AFT	Sell	APOLLO SR FLOATING RATE FD I	$9,638,000	+6.2%	569,264	-0.9%	3.15%	+13.9%
WIA	Sell	WESTERN ASSET CLYM INFL SEC	$8,782,000	-14.7%	766,988	-14.4%	2.87%	-8.4%
SAND	Sell	SANDSTORM GOLD LTD	$8,044,000	+8.5%	1,599,234	-3.8%	2.63%	+16.5%
VTA	Sell	INVESCO DYNAMIC CR OPP FD	$7,974,000	+6.3%	678,092	-0.4%	2.61%	+14.1%
FT	Sell	FRANKLIN UNVL TRsh ben int	$7,703,000	-30.1%	1,132,740	-29.3%	2.52%	-25.0%
VVR	Sell	INVESCO SR INCOME TR	$7,514,000	+2.9%	1,735,277	-0.7%	2.46%	+10.4%
BSCH	New	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2017	$6,956,000	–	306,717	–	2.28%	–
EFF	Sell	EATON VANCE FLTG RATE INCOM	$6,665,000	+3.8%	426,174	-0.6%	2.18%	+11.4%
FRA	Sell	BLACKROCK FLOAT RATE OME STR	$6,522,000	+4.3%	470,567	-1.0%	2.13%	+12.0%
SNR	Buy	NEW SR INVT GROUP INC	$6,444,000	+42.0%	558,389	+31.4%	2.11%	+52.4%
MPW	Sell	MEDICAL PPTYS TRUST INC	$6,200,000	-16.1%	419,768	-13.6%	2.03%	-9.9%
PHD	Sell	PIONEER FLOATING RATE TR	$5,603,000	+3.7%	474,791	-1.0%	1.83%	+11.3%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$5,598,000	-16.5%	897,075	-14.9%	1.83%	-10.3%
STJ	New	ST JUDE MED INC	$5,242,000	–	65,720	–	1.72%	–
SELF	Sell	GLOBAL SELF STORAGE INC	$5,212,000	-4.6%	990,888	-2.2%	1.71%	+2.5%
UTF	Sell	COHEN & STEERS INFRASTRUCTUR	$4,947,000	-30.2%	229,661	-30.6%	1.62%	-25.1%
DPG	Sell	DUFF & PHELPS GLB UTL INC FD	$4,881,000	-32.7%	285,769	-32.4%	1.60%	-27.8%
NOK	New	NOKIA CORPsponsored adr	$4,788,000	–	826,969	–	1.57%	–
PPR	Sell	VOYA PRIME RATE TRsh ben int	$4,739,000	+2.3%	897,625	-0.8%	1.55%	+9.8%
SCHR	Buy	SCHWAB STRATEGIC TRintrm trm tres	$4,670,000	+949.4%	84,044	+956.6%	1.53%	+1023.5%
GROW	Sell	U S GLOBAL INVS INCcl a	$4,609,000	+6.4%	2,505,162	-1.7%	1.51%	+14.2%
GAIA	Sell	GAIAM INCcl a	$4,536,000	-64.3%	629,984	-61.6%	1.48%	-61.7%
STKL	Sell	SUNOPTA INC	$4,298,000	+51.5%	608,752	-10.1%	1.41%	+62.5%
MMT	Sell	MFS MULTIMARKET INCOME TRsh ben int	$4,152,000	-48.2%	681,787	-48.6%	1.36%	-44.4%
LXP	Sell	LEXINGTON REALTY TRUST	$3,993,000	+0.6%	387,660	-1.3%	1.31%	+8.0%
BWG	Sell	LEGG MASON BW GLB INC OPP FD	$3,848,000	+2.8%	283,371	-1.9%	1.26%	+10.3%
RMT	Sell	ROYCE MICRO-CAP TR INC	$3,569,000	-32.0%	457,036	-36.1%	1.17%	-27.0%
BSCG	New	CLAYMORE EXCHANGE TRD FD TRgugg crp bd 2016	$3,552,000	–	161,022	–	1.16%	–
GOOG	Sell	ALPHABET INCcap stk cl c	$3,481,000	+8.0%	4,479	-3.9%	1.14%	+15.9%
CVA	Sell	COVANTA HLDG CORP	$3,454,000	-7.5%	224,430	-1.2%	1.13%	-0.8%
GWRS	New	GLOBAL WTR RES INC	$2,995,000	–	373,929	–	0.98%	–
FOF	Sell	COHEN & STEERS CLOSED END OP	$2,681,000	-81.3%	218,171	-82.4%	0.88%	-79.9%
SHY	Buy	ISHARES TR1-3 yr tr bd etf	$2,473,000	+447.1%	29,075	+448.6%	0.81%	+486.2%
GDL	Buy	GDL FUND	$2,433,000	+35.0%	244,558	+34.7%	0.80%	+45.0%
SNH	Sell	SENIOR HSG PPTYS TRsh ben int	$2,420,000	-65.1%	106,543	-68.0%	0.79%	-62.5%
DIS	New	DISNEY WALT CO	$2,095,000	–	22,564	–	0.69%	–
TINY	Sell	HARRIS & HARRIS GROUP INC	$1,925,000	-16.8%	1,385,168	-3.6%	0.63%	-10.6%
LOR	Sell	LAZARD WORLD DIVID & INCOME	$1,886,000	+11.1%	186,709	-0.7%	0.62%	+19.3%
GLO	New	CLOUGH GLOBAL OPPORTUNITIESsh ben int	$1,782,000	–	184,307	–	0.58%	–
TIVO	Sell	TIVO INC	$1,726,000	+2.4%	88,586	-48.0%	0.56%	+9.9%
SPE	Sell	SPECIAL OPPORTUNITIES FD INC	$1,648,000	-15.5%	110,541	-22.1%	0.54%	-9.4%
COT	Sell	COTT CORP QUE	$1,619,000	-38.2%	113,619	-39.4%	0.53%	-33.6%
BTZ	Sell	BLACKROCK CR ALLCTN INC TR	$1,583,000	+2.1%	118,594	-0.4%	0.52%	+9.5%
ERC	Sell	WELLS FARGO MULTI SECTOR INCwf mlt sectr inc	$1,509,000	+1.3%	116,326	-1.3%	0.49%	+8.8%
EMI	Sell	EATON VANCE MI MUNI INCOME Tsh ben int	$1,313,000	-13.6%	92,810	-11.9%	0.43%	-7.1%
CHW	Sell	CALAMOS GBL DYN INCOME FUND	$1,278,000	-0.9%	170,124	-7.4%	0.42%	+6.4%
EOD	Sell	WELLS FARGO GLOBAL DIVIDENDwf global oppty	$1,240,000	-67.7%	213,412	-66.8%	0.41%	-65.3%
VER	Sell	VEREIT INC	$1,219,000	-73.8%	117,516	-74.4%	0.40%	-71.8%
RGT	Sell	ROYCE GLOBAL VALUE TR INC	$1,141,000	-17.9%	140,418	-23.2%	0.37%	-12.0%
BTG	Sell	B2GOLD CORP	$1,087,000	+1.7%	413,315	-3.0%	0.36%	+9.2%
AC	New	ASSOCIATED CAP GROUP INCcl a	$1,081,000	–	30,485	–	0.35%	–
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,062,000	+0.3%	7,352	+0.5%	0.35%	+7.7%
FAST	Sell	FASTENAL CO	$1,005,000	-11.4%	24,062	-5.8%	0.33%	-4.9%
NUM	Sell	NUVEEN MICH QUALITY INCOME M	$894,000	-4.9%	60,653	-1.0%	0.29%	+2.1%
CGO	Buy	CALAMOS GLOBAL TOTAL RETURN	$894,000	+42.4%	78,143	+35.5%	0.29%	+53.4%
PG	Sell	PROCTER AND GAMBLE CO	$811,000	+4.2%	9,039	-1.6%	0.26%	+11.8%
RVT	Sell	ROYCE VALUE TR INC	$795,000	-12.3%	62,834	-20.4%	0.26%	-5.8%
RNP	Sell	COHEN & STEERS REIT & PFD IN	$786,000	-26.3%	39,014	-24.8%	0.26%	-20.9%
AAPL	Sell	APPLE INC	$770,000	+12.9%	6,807	-4.5%	0.25%	+21.2%
SBW	Sell	WESTERN ASSET WORLDWIDE INCO	$767,000	+5.2%	66,075	-0.4%	0.25%	+13.1%
GGZ	Buy	GABELLI GLB SML & MD CP VAL	$710,000	+4.7%	65,672	+0.6%	0.23%	+12.1%
LOV	Sell	SPARK NETWORKS INC	$698,000	-3.7%	441,477	-3.8%	0.23%	+3.2%
GLV	Buy	CLOUGH GLOBAL DIVND AND INC	$646,000	+12.0%	53,268	+8.0%	0.21%	+19.9%
FNGN	Sell	FINANCIAL ENGINES INC	$610,000	+6.1%	20,520	-7.8%	0.20%	+14.3%
SPEPRB	New	SPECIAL OPPORTUNITIES FD INCpfd conv se b	$571,000	–	22,142	–	0.19%	–
AWP	Sell	ALPINE GLOBAL PREMIER PPTYS	$552,000	-72.3%	99,510	-72.6%	0.18%	-70.2%
GLU	Sell	GABELLI GLOBL UTIL & INCOME	$476,000	-2.3%	25,998	-0.7%	0.16%	+5.4%
EVG	Sell	EATON VANCE SH TM DR DIVR IN	$452,000	+0.4%	32,973	-1.2%	0.15%	+8.0%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$418,000	-0.2%	49,934	-3.0%	0.14%	+7.0%
	Sell	ROYAL GOLD INCnote 2.875% 6/1	$374,000	+2.7%	334,000	-1.5%	0.12%	+9.9%
GPT	Sell	GRAMERCY PPTY TR	$372,000	-92.1%	38,560	-92.5%	0.12%	-91.5%
GGN	Sell	GAMCO GLOBAL GOLD NAT RES &	$345,000	-13.1%	54,001	-11.6%	0.11%	-6.6%
BOE	Buy	BLACKROCK GLOBAL OPP EQTY TR	$334,000	+9.2%	27,297	+5.9%	0.11%	+17.2%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$307,000	+5.1%	1,934	+0.7%	0.10%	+12.4%
IGR	Sell	CBRE CLARION GLOBAL REAL EST	$286,000	-12.5%	34,087	-14.3%	0.09%	-6.0%
DRA	Sell	DIVERSIFIED REAL ASSET INC F	$240,000	-12.1%	13,935	-15.6%	0.08%	-4.8%
MSF	Sell	MORGAN STANLEY EMER MKTS FD	$241,000	+7.1%	16,568	-2.2%	0.08%	+14.5%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$238,000	+6.7%	15,767	-2.4%	0.08%	+14.7%
TDF	Sell	TEMPLETON DRAGON FD INC	$236,000	-2.1%	13,374	-3.9%	0.08%	+5.5%
JRO	New	NUVEEN FLTNG RTE INCM OPP FD	$169,000	–	15,275	–	0.06%	–
CSQ	Sell	CALAMOS STRATEGIC TOTL RETN	$165,000	+0.6%	16,022	-3.3%	0.05%	+8.0%
DDC	Sell	DOMINION DIAMOND CORP	$98,000	+10.1%	10,100	-0.0%	0.03%	+18.5%
NGD	Sell	NEW GOLD INC CDA	$64,000	-98.7%	14,725	-98.7%	0.02%	-98.6%
JVA	Sell	COFFEE HLDGS INC	$65,000	-12.2%	11,675	-11.4%	0.02%	-8.7%
AEG	Buy	AEGON N Vny registry sh	$49,000	0.0%	12,651	+3.3%	0.02%	+6.7%
RMRM	Exit	RMR REAL ESTATE INCOME FUND	$0	–	-183,174	–	0.00%	–
PIM	Exit	PUTNAM MASTER INTER INCOME Tsh ben int	$0	–	-10,355	–	-0.01%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-12,950	–	-0.03%	–
PFE	Exit	PFIZER INC	$0	–	-8,280	–	-0.09%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-33,940	–	-0.12%	–
MCN	Exit	MADISON CVRED CALL & EQ STR	$0	–	-50,327	–	-0.12%	–
DCA	Exit	VIRTUS TOTAL RETURN FD	$0	–	-85,650	–	-0.12%	–
GDO	Exit	WESTERN ASSET GLOBAL CP DEFI	$0	–	-29,980	–	-0.16%	–
GOV	Exit	GOVERNMENT PPTYS INCOME TR	$0	–	-27,605	–	-0.19%	–
BDMS	Exit	BIRNER DENTAL MGMT SERVICES	$0	–	-59,609	–	-0.26%	–
TLI	Exit	LMP CORPORATE LN FD INC	$0	–	-361,217	–	-1.14%	–

Q2 2016

			Value		Shares		↓ Weighting
WIW	New	WESTERN ASSET CLYM INFL OPP	$43,466,000	–	3,912,295	–	13.25%	–
FOF	New	COHEN & STEERS CLOSED END OP	$14,316,000	–	1,239,512	–	4.36%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$12,735,000	–	1,576,172	–	3.88%	–
GAIA	New	GAIAM INCcl a	$12,699,000	–	1,640,651	–	3.87%	–
FT	New	FRANKLIN UNVL TRsh ben int	$11,024,000	–	1,601,225	–	3.36%	–
SLW	New	SILVER WHEATON CORP	$10,860,000	–	461,538	–	3.31%	–
WIA	New	WESTERN ASSET CLYM INFL SEC	$10,290,000	–	896,350	–	3.14%	–
AFT	New	APOLLO SR FLOATING RATE FD I	$9,079,000	–	574,620	–	2.77%	–
RGLD	New	ROYAL GOLD INC	$9,040,000	–	125,516	–	2.76%	–
MMT	New	MFS MULTIMARKET INCOME TRsh ben int	$8,021,000	–	1,325,849	–	2.44%	–
VTA	New	INVESCO DYNAMIC CR OPP FD	$7,500,000	–	680,576	–	2.29%	–
SAND	New	SANDSTORM GOLD LTD	$7,414,000	–	1,662,290	–	2.26%	–
MPW	New	MEDICAL PPTYS TRUST INC	$7,388,000	–	485,738	–	2.25%	–
VVR	New	INVESCO SR INCOME TR	$7,304,000	–	1,747,277	–	2.23%	–
DPG	New	DUFF & PHELPS GLB UTL INC FD	$7,257,000	–	422,889	–	2.21%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$7,092,000	–	331,101	–	2.16%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$6,928,000	–	332,607	–	2.11%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$6,702,000	–	1,053,804	–	2.04%	–
EFF	New	EATON VANCE FLTG RATE INCOM	$6,421,000	–	428,649	–	1.96%	–
FRA	New	BLACKROCK FLOAT RATE OME STR	$6,251,000	–	475,374	–	1.91%	–
SELF	New	GLOBAL SELF STORAGE INC	$5,461,000	–	1,013,148	–	1.66%	–
PHD	New	PIONEER FLOATING RATE TR	$5,404,000	–	479,466	–	1.65%	–
RMT	New	ROYCE MICRO-CAP TR INC	$5,251,000	–	715,435	–	1.60%	–
NGD	New	NEW GOLD INC CDA	$5,071,000	–	1,157,688	–	1.55%	–
GPT	New	GRAMERCY PPTY TR	$4,724,000	–	512,364	–	1.44%	–
VER	New	VEREIT INC	$4,647,000	–	458,332	–	1.42%	–
PPR	New	VOYA PRIME RATE TRsh ben int	$4,631,000	–	904,471	–	1.41%	–
SNR	New	NEW SR INVT GROUP INC	$4,539,000	–	425,042	–	1.38%	–
GROW	New	U S GLOBAL INVS INCcl a	$4,331,000	–	2,547,672	–	1.32%	–
LXP	New	LEXINGTON REALTY TRUST	$3,969,000	–	392,625	–	1.21%	–
EOD	New	WELLS FARGO GLOBAL DIVIDENDwf global oppty	$3,839,000	–	643,108	–	1.17%	–
BWG	New	LEGG MASON BW GLB INC OPP FD	$3,742,000	–	288,766	–	1.14%	–
TLI	New	LMP CORPORATE LN FD INC	$3,739,000	–	361,217	–	1.14%	–
CVA	New	COVANTA HLDG CORP	$3,736,000	–	227,110	–	1.14%	–
GOOG	New	ALPHABET INCcap stk cl c	$3,224,000	–	4,659	–	0.98%	–
STKL	New	SUNOPTA INC	$2,837,000	–	677,072	–	0.86%	–
COT	New	COTT CORP QUE	$2,619,000	–	187,635	–	0.80%	–
TINY	New	HARRIS & HARRIS GROUP INC	$2,314,000	–	1,437,368	–	0.70%	–
AWP	New	ALPINE GLOBAL PREMIER PPTYS	$1,992,000	–	362,794	–	0.61%	–
SPE	New	SPECIAL OPPORTUNITIES FD INC	$1,951,000	–	141,894	–	0.60%	–
GDL	New	GDL FUND	$1,802,000	–	181,513	–	0.55%	–
ES	New	EVERSOURCE ENERGY	$1,789,000	–	29,860	–	0.54%	–
LOR	New	LAZARD WORLD DIVID & INCOME	$1,697,000	–	187,941	–	0.52%	–
TIVO	New	TIVO INC	$1,685,000	–	170,235	–	0.51%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$1,550,000	–	119,070	–	0.47%	–
EMI	New	EATON VANCE MI MUNI INCOME Tsh ben int	$1,520,000	–	105,310	–	0.46%	–
ERC	New	WELLS FARGO MULTI SECTOR INCwf mlt sectr inc	$1,490,000	–	117,822	–	0.45%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$1,390,000	–	182,855	–	0.42%	–
CHW	New	CALAMOS GBL DYN INCOME FUND	$1,290,000	–	183,760	–	0.39%	–
FAST	New	FASTENAL CO	$1,134,000	–	25,544	–	0.35%	–
BTG	New	B2GOLD CORP	$1,069,000	–	426,055	–	0.33%	–
RNP	New	COHEN & STEERS REIT & PFD IN	$1,066,000	–	51,914	–	0.32%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,059,000	–	7,312	–	0.32%	–
NUM	New	NUVEEN MICH QUALITY INCOME M	$940,000	–	61,253	–	0.29%	–
RVT	New	ROYCE VALUE TR INC	$906,000	–	78,903	–	0.28%	–
CL	New	COLGATE PALMOLIVE CO	$893,000	–	12,200	–	0.27%	–
BDMS	New	BIRNER DENTAL MGMT SERVICES	$864,000	–	59,609	–	0.26%	–
PG	New	PROCTER & GAMBLE CO	$778,000	–	9,190	–	0.24%	–
SBW	New	WESTERN ASSET WORLDWIDE INCO	$729,000	–	66,358	–	0.22%	–
LOV	New	SPARK NETWORKS INC	$725,000	–	459,077	–	0.22%	–
DTE	New	DTE ENERGY CO	$714,000	–	7,201	–	0.22%	–
AAPL	New	APPLE INC	$682,000	–	7,130	–	0.21%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$678,000	–	65,297	–	0.21%	–
ED	New	CONSOLIDATED EDISON INC	$671,000	–	8,343	–	0.20%	–
GOV	New	GOVERNMENT PPTYS INCOME TR	$637,000	–	27,605	–	0.19%	–
CGO	New	CALAMOS GLOBAL TOTAL RETURN	$628,000	–	57,681	–	0.19%	–
NSL	New	NUVEEN SR INCOME FD	$608,000	–	100,629	–	0.18%	–
GLV	New	CLOUGH GLOBAL ALLOCATION FD	$577,000	–	49,325	–	0.18%	–
FNGN	New	FINANCIAL ENGINES INC	$575,000	–	22,245	–	0.18%	–
GDO	New	WESTERN ASSET GLOBAL CP DEFI	$511,000	–	29,980	–	0.16%	–
GLU	New	GABELLI GLOBL UTIL & INCOME	$487,000	–	26,178	–	0.15%	–
SHY	New	ISHARES TR1-3 yr tr bd etf	$452,000	–	5,300	–	0.14%	–
EVG	New	EATON VANCE SH TM DR DIVR IN	$450,000	–	33,365	–	0.14%	–
SCHR	New	SCHWAB STRATEGIC TRintrm trm tres	$445,000	–	7,954	–	0.14%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$419,000	–	51,501	–	0.13%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$417,000	–	5,011	–	0.13%	–
DCA	New	VIRTUS TOTAL RETURN FD	$397,000	–	85,650	–	0.12%	–
GGN	New	GAMCO GLOBAL GOLD NAT RES &	$397,000	–	61,091	–	0.12%	–
MCN	New	MADISON CVRED CALL & EQ STR	$386,000	–	50,327	–	0.12%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$379,000	–	33,940	–	0.12%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$364,000	–	339,000	–	0.11%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$327,000	–	39,787	–	0.10%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$306,000	–	25,783	–	0.09%	–
PFE	New	PFIZER INC	$292,000	–	8,280	–	0.09%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$292,000	–	1,921	–	0.09%	–
DRA	New	DIVERSIFIED REAL ASSET INC F	$273,000	–	16,509	–	0.08%	–
UNH	New	UNITEDHEALTH GROUP INC	$243,000	–	1,721	–	0.07%	–
TDF	New	TEMPLETON DRAGON FD INC	$241,000	–	13,919	–	0.07%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$225,000	–	16,946	–	0.07%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$223,000	–	16,157	–	0.07%	–
CSQ	New	CALAMOS STRATEGIC TOTL RETN	$164,000	–	16,562	–	0.05%	–
MCR	New	MFS CHARTER INCOME TRsh ben int	$110,000	–	12,950	–	0.03%	–
DDC	New	DOMINION DIAMOND CORP	$89,000	–	10,102	–	0.03%	–
JVA	New	COFFEE HLDGS INC	$74,000	–	13,175	–	0.02%	–
AEG	New	AEGON N Vny registry sh	$49,000	–	12,250	–	0.02%	–
PIM	New	PUTNAM MASTER INTER INCOME Tsh ben int	$45,000	–	10,355	–	0.01%	–
RMRM	New	RMR REAL ESTATE INCOME FUND	$0	–	183,174	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
AVP	Exit	AVON PRODS INC	$0	–	-10,600	–	-0.01%	–
4305PS	Exit	ALCATEL-LUCENTsponsored adr	$0	–	-13,513	–	-0.01%	–
JVA	Exit	COFFEE HLDGS INC	$0	–	-16,712	–	-0.02%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-11,888	–	-0.02%	–
BKT	Exit	BLACKROCK INCOME TR INC	$0	–	-16,794	–	-0.03%	–
PIM	Exit	PUTNAM MASTER INTER INCOME Tsh ben int	$0	–	-25,155	–	-0.03%	–
BHK	Exit	BLACKROCK CORE BD TR	$0	–	-10,803	–	-0.04%	–
F	Exit	FORD MTR CO DEL	$0	–	-10,832	–	-0.04%	–
BCX	Exit	BLACKROCK RES & COMM STRAT T	$0	–	-21,697	–	-0.04%	–
CSQ	Exit	CALAMOS STRATEGIC TOTL RETN	$0	–	-18,518	–	-0.05%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-29,445	–	-0.05%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-17,216	–	-0.06%	–
DRA	Exit	DIVERSIFIED REAL ASSET INC F	$0	–	-14,013	–	-0.06%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-18,871	–	-0.07%	–
PFE	Exit	PFIZER INC	$0	–	-7,851	–	-0.07%	–
VBF	Exit	INVESCO BD FD	$0	–	-14,101	–	-0.07%	–
BUI	Exit	BLACKROCK UTIL & INFRASTRCTU	$0	–	-15,722	–	-0.07%	–
ZF	Exit	ZWEIG FD	$0	–	-20,976	–	-0.08%	–
T	Exit	AT&T INC	$0	–	-8,501	–	-0.08%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-23,224	–	-0.08%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-2,044	–	-0.08%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-42,930	–	-0.09%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-17,755	–	-0.09%	–
	Exit	ROYAL GOLD INCnote 2.875% 6/1	$0	–	-363,000	–	-0.10%	–
DCA	Exit	VIRTUS TOTAL RETURN FD	$0	–	-103,270	–	-0.11%	–
MCN	Exit	MADISON CVRED CALL & EQ STR	$0	–	-56,274	–	-0.11%	–
NPP	Exit	NUVEEN PERFORMANCE PLUS MUN	$0	–	-28,700	–	-0.11%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-4,980	–	-0.12%	–
BIF	Exit	BOULDER GROWTH & INCOME FD I	$0	–	-56,584	–	-0.12%	–
STAG	Exit	STAG INDL INC	$0	–	-27,250	–	-0.14%	–
CIDM	Exit	CINEDIGM CORP	$0	–	-902,331	–	-0.14%	–
BLW	Exit	BLACKROCK LTD DURATION INC T	$0	–	-35,646	–	-0.14%	–
ACG	Exit	ALLIANCEBERNSTEIN INCOME FUN	$0	–	-65,223	–	-0.14%	–
LOR	Exit	LAZARD WORLD DIVID & INCOME	$0	–	-57,631	–	-0.15%	–
NIQ	Exit	NUVEEN INT DUR QUAL MUN TRM	$0	–	-43,794	–	-0.15%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-8,343	–	-0.16%	–
DTE	Exit	DTE ENERGY CO	$0	–	-7,075	–	-0.16%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-33,995	–	-0.16%	–
RCAPQ	Exit	RCS CAP CORP	$0	–	-720,980	–	-0.16%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-51,151	–	-0.17%	–
MNP	Exit	WESTERN ASST MN PRT FD INC	$0	–	-42,922	–	-0.18%	–
VGM	Exit	INVESCO TR INVT GRADE MUNS	$0	–	-49,524	–	-0.18%	–
NVG	Exit	NUVEEN DIVID ADVANTAGE MUN I	$0	–	-46,425	–	-0.18%	–
BGT	Exit	BLACKROCK FLOATING RATE INCO	$0	–	-52,164	–	-0.18%	–
SBW	Exit	WESTERN ASSET WORLDWIDE INCO	$0	–	-70,804	–	-0.19%	–
SPE	Exit	SPECIAL OPPORTUNITIES FD INC	$0	–	-50,735	–	-0.20%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-9,955	–	-0.20%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-73,570	–	-0.20%	–
MIN	Exit	MFS INTER INCOME TRsh ben int	$0	–	-165,305	–	-0.21%	–
TZOO	Exit	TRAVELZOO INC	$0	–	-91,430	–	-0.21%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-12,200	–	-0.22%	–
NUM	Exit	NUVEEN MICH QUALITY INCOME M	$0	–	-60,753	–	-0.22%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-43,881	–	-0.23%	–
VFL	Exit	DELAWARE INVT NAT MUNI INC Fsh ben int	$0	–	-65,888	–	-0.24%	–
JGH	Exit	NUVEEN GLOBAL HIGH INCOME FD	$0	–	-59,140	–	-0.24%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-7,162	–	-0.26%	–
AWP	Exit	ALPINE GLOBAL PREMIER PPTYS	$0	–	-171,787	–	-0.27%	–
PDT	Exit	HANCOCK JOHN PREMUIM DIV FD	$0	–	-77,506	–	-0.27%	–
FAST	Exit	FASTENAL CO	$0	–	-26,928	–	-0.27%	–
ZTR	Exit	ZWEIG TOTAL RETURN FD INC	$0	–	-87,890	–	-0.28%	–
BDMS	Exit	BIRNER DENTAL MGMT SERVICES	$0	–	-78,612	–	-0.28%	–
DMB	Exit	DREYFUS MUN BD INFRSTRCTR FD	$0	–	-85,815	–	-0.28%	–
LOV	Exit	SPARK NETWORKS INC	$0	–	-370,163	–	-0.30%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-240,115	–	-0.31%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-166,419	–	-0.32%	–
TLI	Exit	LMP CORPORATE LN FD INC	$0	–	-118,610	–	-0.34%	–
DSL	Exit	DOUBLELINE INCOME SOLUTIONS	$0	–	-73,175	–	-0.35%	–
PPR	Exit	VOYA PRIME RATE TRsh ben int	$0	–	-257,337	–	-0.36%	–
LF	Exit	LEAPFROG ENTERPRISES INCcl a	$0	–	-1,874,724	–	-0.37%	–
EMI	Exit	EATON VANCE MI MUNI INCOME Tsh ben int	$0	–	-110,410	–	-0.38%	–
ETX	Exit	EATON VANCE MUN INCOME 2028	$0	–	-86,703	–	-0.42%	–
RVT	Exit	ROYCE VALUE TR INC	$0	–	-130,965	–	-0.42%	–
ES	Exit	EVERSOURCE ENERGY	$0	–	-29,860	–	-0.42%	–
KST	Exit	DEUTSCHE STRATEGIC INCOME TR	$0	–	-151,171	–	-0.43%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-145,884	–	-0.43%	–
TIVO	Exit	TIVO INC	$0	–	-216,845	–	-0.52%	–
GATX	Exit	GATX CORP	$0	–	-92,700	–	-0.54%	–
EOD	Exit	WELLS FARGO ADV GLB DIV OPP	$0	–	-348,980	–	-0.57%	–
EVG	Exit	EATON VANCE SH TM DR DIVR IN	$0	–	-163,932	–	-0.60%	–
STKL	Exit	SUNOPTA INC	$0	–	-452,857	–	-0.61%	–
MUI	Exit	BLACKROCK MUNI INTER DR FD I	$0	–	-158,136	–	-0.61%	–
IQI	Exit	INVESCO QUALITY MUNI INC TRS	$0	–	-190,150	–	-0.64%	–
GDL	Exit	GDL FUND	$0	–	-242,717	–	-0.66%	–
TINY	Exit	HARRIS & HARRIS GROUP INC	$0	–	-1,119,204	–	-0.67%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-95,690	–	-0.74%	–
VTA	Exit	INVESCO DYNAMIC CR OPP FD	$0	–	-259,185	–	-0.76%	–
FTF	Exit	FRANKLIN LTD DURATION INC TR	$0	–	-259,660	–	-0.79%	–
BTG	Exit	B2GOLD CORP	$0	–	-3,072,705	–	-0.90%	–
BWG	Exit	LEGG MASON BW GLB INC OPP FD	$0	–	-298,443	–	-0.96%	–
PHD	Exit	PIONEER FLOATING RATE TR	$0	–	-315,471	–	-0.99%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-468,852	–	-1.01%	–
NGD	Exit	NEW GOLD INC CDA	$0	–	-1,708,443	–	-1.08%	–
MCR	Exit	MFS CHARTER INCOME TRsh ben int	$0	–	-512,036	–	-1.10%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-509,662	–	-1.14%	–
SNR	Exit	NEW SR INVT GROUP INC	$0	–	-405,377	–	-1.18%	–
FRA	Exit	BLACKROCK FLOAT RATE OME STR	$0	–	-341,423	–	-1.23%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-231,743	–	-1.23%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-2,653,955	–	-1.23%	–
EFF	Exit	EATON VANCE FLTG RATE INCOM	$0	–	-344,616	–	-1.41%	–
BGB	Exit	BLACKSTONE GSO STRATEGIC CR	$0	–	-357,390	–	-1.41%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-426,713	–	-1.43%	–
VER	Exit	VEREIT INC	$0	–	-682,468	–	-1.47%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-476,969	–	-1.47%	–
CSG	Exit	CHAMBERS STR PPTYS	$0	–	-815,305	–	-1.47%	–
VVR	Exit	INVESCO SR INCOME TR	$0	–	-1,334,674	–	-1.55%	–
DPG	Exit	DUFF & PHELPS GLB UTL INC FD	$0	–	-368,674	–	-1.55%	–
SNH	Exit	SENIOR HSG PPTYS TRsh ben int	$0	–	-361,874	–	-1.63%	–
SGL	Exit	STRATEGIC GLOBAL INCOME FD	$0	–	-754,301	–	-1.66%	–
COT	Exit	COTT CORP QUE	$0	–	-589,800	–	-1.78%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-852,675	–	-1.92%	–
JNS	Exit	JANUS CAP GROUP INC	$0	–	-526,364	–	-1.99%	–
WIA	Exit	WESTERN ASSET CLYM INFL SEC	$0	–	-784,076	–	-2.30%	–
GDO	Exit	WESTERN ASSET GLOBAL CP DEFI	$0	–	-525,103	–	-2.31%	–
ERC	Exit	WELLS FARGO ADVANTAGE MULTI	$0	–	-778,569	–	-2.46%	–
MMT	Exit	MFS MULTIMARKET INCOME TRsh ben int	$0	–	-1,638,714	–	-2.55%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-1,232,326	–	-2.74%	–
FT	Exit	FRANKLIN UNVL TRsh ben int	$0	–	-1,691,507	–	-2.78%	–
GAIA	Exit	GAIAM INCcl a	$0	–	-1,694,356	–	-2.90%	–
PCI	Exit	PIMCO DYNAMIC CR INCOME FD	$0	–	-626,663	–	-3.19%	–
FOF	Exit	COHEN & STEERS CLOSED END OP	$0	–	-1,070,863	–	-3.22%	–
GOV	Exit	GOVERNMENT PPTYS INCOME TR	$0	–	-787,275	–	-3.51%	–
GGN	Exit	GAMCO GLOBAL GOLD NAT RES &	$0	–	-2,679,906	–	-3.72%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-1,141,585	–	-3.87%	–
WIW	Exit	WESTERN ASSET CLYM INFL OPP	$0	–	-3,626,265	–	-10.50%	–

Q3 2015

			Value		Shares		↓ Weighting
WIW	Buy	WESTERN ASSET CLYM INFL OPP	$37,713,000	-6.5%	3,626,265	+0.6%	10.50%	+1.0%
BTZ	Buy	BLACKROCK CR ALLCTN INC TR	$13,893,000	-3.6%	1,141,585	+0.4%	3.87%	+4.2%
GGN	Buy	GAMCO GLOBAL GOLD NAT RES &	$13,373,000	-3.7%	2,679,906	+25.6%	3.72%	+4.1%
GOV	Buy	GOVERNMENT PPTYS INCOME TR	$12,596,000	-10.4%	787,275	+3.9%	3.51%	-3.2%
FOF	Buy	COHEN & STEERS CLOSED END OP	$11,565,000	+166.9%	1,070,863	+198.8%	3.22%	+188.4%
PCI	Buy	PIMCO DYNAMIC CR INCOME FD	$11,449,000	-5.3%	626,663	+4.6%	3.19%	+2.3%
GAIA	Sell	GAIAM INCcl a	$10,420,000	-7.5%	1,694,356	-1.7%	2.90%	-0.1%
FT	Buy	FRANKLIN UNVL TRsh ben int	$9,997,000	+12.0%	1,691,507	+22.2%	2.78%	+21.1%
JQC	Buy	NUVEEN CR STRATEGIES INCM FD	$9,834,000	+95.8%	1,232,326	+111.3%	2.74%	+111.5%
MMT	Sell	MFS MULTIMARKET INCOME TRsh ben int	$9,160,000	-8.5%	1,638,714	-0.7%	2.55%	-1.1%
ERC	Buy	WELLS FARGO ADVANTAGE MULTI	$8,837,000	+2.0%	778,569	+13.8%	2.46%	+10.3%
GDO	Buy	WESTERN ASSET GLOBAL CP DEFI	$8,312,000	+2.5%	525,103	+11.0%	2.31%	+10.8%
WIA	Buy	WESTERN ASSET CLYM INFL SEC	$8,272,000	+3.1%	784,076	+10.2%	2.30%	+11.5%
JNS	Sell	JANUS CAP GROUP INC	$7,159,000	-33.3%	526,364	-16.0%	1.99%	-27.9%
LXP	Sell	LEXINGTON REALTY TRUST	$6,907,000	-4.8%	852,675	-0.4%	1.92%	+2.8%
COT	Sell	COTT CORP QUE	$6,388,000	-16.9%	589,800	-25.0%	1.78%	-10.2%
SGL	Buy	STRATEGIC GLOBAL INCOME FD	$5,982,000	+18.0%	754,301	+23.0%	1.66%	+27.5%
SNH	Buy	SENIOR HSG PPTYS TRsh ben int	$5,862,000	+0.8%	361,874	+9.2%	1.63%	+8.9%
DPG	New	DUFF & PHELPS GLB UTL INC FD	$5,582,000	–	368,674	–	1.55%	–
VVR	New	INVESCO SR INCOME TR	$5,579,000	–	1,334,674	–	1.55%	–
CSG	Sell	CHAMBERS STR PPTYS	$5,291,000	-36.7%	815,305	-22.5%	1.47%	-31.6%
MPW	Buy	MEDICAL PPTYS TRUST INC	$5,275,000	+86.5%	476,969	+121.1%	1.47%	+101.4%
VER	New	VEREIT INC	$5,269,000	–	682,468	–	1.47%	–
SLW	Buy	SILVER WHEATON CORP	$5,125,000	-19.5%	426,713	+16.2%	1.43%	-13.0%
BGB	Sell	BLACKSTONE GSO STRATEGIC CR	$5,079,000	-9.2%	357,390	-0.1%	1.41%	-1.9%
EFF	Buy	EATON VANCE FLTG RATE INCOM	$5,059,000	+45.8%	344,616	+59.1%	1.41%	+57.5%
GROW	Buy	U S GLOBAL INVS INCcl a	$4,432,000	-37.5%	2,653,955	+4.0%	1.23%	-32.5%
FRA	Buy	BLACKROCK FLOAT RATE OME STR	$4,418,000	+282.2%	341,423	+299.2%	1.23%	+312.8%
UTF	Buy	COHEN & STEERS INFRASTRUCTUR	$4,419,000	+416.2%	231,743	+468.9%	1.23%	+456.6%
SNR	New	NEW SR INVT GROUP INC	$4,240,000	–	405,377	–	1.18%	–
JHP	Sell	NUVEEN QUALITY PFD INC FD 3	$4,087,000	-37.6%	509,662	-36.6%	1.14%	-32.5%
MCR	Buy	MFS CHARTER INCOME TRsh ben int	$3,968,000	-5.6%	512,036	+3.1%	1.10%	+2.0%
NGD	Sell	NEW GOLD INC CDA	$3,878,000	-16.2%	1,708,443	-0.7%	1.08%	-9.5%
RMT	Buy	ROYCE MICRO-CAP TR INC	$3,629,000	+488.2%	468,852	+600.5%	1.01%	+535.2%
PHD	Sell	PIONEER FLOATING RATE TR	$3,571,000	-4.9%	315,471	-4.4%	0.99%	+2.8%
BWG	Buy	LEGG MASON BW GLB INC OPP FD	$3,465,000	+6.8%	298,443	+30.9%	0.96%	+15.4%
BTG	Sell	B2GOLD CORP	$3,226,000	-32.2%	3,072,705	-1.2%	0.90%	-26.7%
FTF	Buy	FRANKLIN LTD DURATION INC TR	$2,830,000	-4.8%	259,660	+1.7%	0.79%	+2.9%
VTA	Buy	INVESCO DYNAMIC CR OPP FD	$2,740,000	+137.0%	259,185	+160.3%	0.76%	+156.0%
KMI	New	KINDER MORGAN INC DEL	$2,649,000	–	95,690	–	0.74%	–
TINY	Buy	HARRIS & HARRIS GROUP INC	$2,395,000	-12.0%	1,119,204	+13.1%	0.67%	-4.9%
GDL	Sell	GDL FUND	$2,379,000	-5.5%	242,717	-1.7%	0.66%	+2.2%
IQI	Sell	INVESCO QUALITY MUNI INC TRS	$2,310,000	+2.1%	190,150	-0.7%	0.64%	+10.3%
STKL	Buy	SUNOPTA INC	$2,201,000	+47.7%	452,857	+226.2%	0.61%	+59.6%
MUI	Sell	BLACKROCK MUNI INTER DR FD I	$2,201,000	-9.3%	158,136	-11.4%	0.61%	-1.9%
EVG	Buy	EATON VANCE SH TM DR DIVR IN	$2,169,000	+33.2%	163,932	+39.5%	0.60%	+44.2%
EOD	New	WELLS FARGO ADV GLB DIV OPP	$2,062,000	–	348,980	–	0.57%	–
GATX	New	GATX CORP	$1,925,000	–	92,700	–	0.54%	–
TIVO	Sell	TIVO INC	$1,878,000	-23.3%	216,845	-10.2%	0.52%	-17.1%
DDC	Sell	DOMINION DIAMOND CORP	$1,558,000	-50.6%	145,884	-35.3%	0.43%	-46.6%
KST	Buy	DEUTSCHE STRATEGIC INCOME TR	$1,554,000	-4.5%	151,171	+3.2%	0.43%	+3.3%
RVT	New	ROYCE VALUE TR INC	$1,506,000	–	130,965	–	0.42%	–
ETX	Sell	EATON VANCE MUN INCOME 2028	$1,502,000	-24.5%	86,703	-26.2%	0.42%	-18.5%
EMI	Buy	EATON VANCE MI MUNI INCOME Tsh ben int	$1,377,000	+12.5%	110,410	+11.5%	0.38%	+21.6%
LF	Sell	LEAPFROG ENTERPRISES INCcl a	$1,338,000	-50.3%	1,874,724	-2.4%	0.37%	-46.3%
PPR	Buy	VOYA PRIME RATE TRsh ben int	$1,302,000	+67.6%	257,337	+73.8%	0.36%	+81.0%
DSL	New	DOUBLELINE INCOME SOLUTIONS	$1,265,000	–	73,175	–	0.35%	–
TLI	New	LMP CORPORATE LN FD INC	$1,219,000	–	118,610	–	0.34%	–
RGT	Buy	ROYCE GLOBAL VALUE TR INC	$1,167,000	+8.3%	166,419	+28.3%	0.32%	+16.9%
GNW	Sell	GENWORTH FINL INC	$1,109,000	-40.7%	240,115	-2.8%	0.31%	-35.9%
LOV	Buy	SPARK NETWORKS INC	$1,066,000	+1.8%	370,163	+8.5%	0.30%	+10.0%
DMB	Sell	DREYFUS MUN BD INFRSTRCTR FD	$1,018,000	0.0%	85,815	-2.0%	0.28%	+8.0%
BDMS	Sell	BIRNER DENTAL MGMT SERVICES	$1,002,000	-3.0%	78,612	-1.1%	0.28%	+4.9%
ZTR	Buy	ZWEIG TOTAL RETURN FD INC	$1,004,000	-11.6%	87,890	+0.1%	0.28%	-4.8%
FAST	Sell	FASTENAL CO	$986,000	-14.3%	26,928	-1.4%	0.27%	-7.4%
PDT	Buy	HANCOCK JOHN PREMUIM DIV FD	$973,000	+7.4%	77,506	+12.1%	0.27%	+16.3%
AWP	New	ALPINE GLOBAL PREMIER PPTYS	$959,000	–	171,787	–	0.27%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$934,000	-6.8%	7,162	-2.7%	0.26%	+0.8%
JGH	Sell	NUVEEN GLOBAL HIGH INCOME FD	$853,000	-18.0%	59,140	-5.0%	0.24%	-11.6%
VFL	Sell	DELAWARE INVT NAT MUNI INC Fsh ben int	$843,000	-12.7%	65,888	-13.7%	0.24%	-5.6%
BCV	Sell	BANCROFT FUND LTD	$821,000	-15.2%	43,881	-4.0%	0.23%	-8.0%
NUM	Buy	NUVEEN MICH QUALITY INCOME M	$801,000	+448.6%	60,753	+452.3%	0.22%	+486.8%
TZOO	Sell	TRAVELZOO INC	$756,000	-31.6%	91,430	-6.8%	0.21%	-26.3%
MIN	Sell	MFS INTER INCOME TRsh ben int	$752,000	-65.1%	165,305	-64.5%	0.21%	-62.3%
GGZ	Sell	GABELLI GLB SML & MD CP VAL	$730,000	-11.1%	73,570	-4.6%	0.20%	-3.8%
SPE	Sell	SPECIAL OPPORTUNITIES FD INC	$714,000	-9.7%	50,735	-2.0%	0.20%	-2.5%
PG	Buy	PROCTER & GAMBLE CO	$716,000	-8.1%	9,955	+0.0%	0.20%	-1.0%
SBW	Sell	WESTERN ASSET WORLDWIDE INCO	$696,000	-14.0%	70,804	-5.2%	0.19%	-6.7%
BGT	Sell	BLACKROCK FLOATING RATE INCO	$649,000	-33.8%	52,164	-31.0%	0.18%	-28.5%
VGM	Sell	INVESCO TR INVT GRADE MUNS	$640,000	-66.4%	49,524	-67.0%	0.18%	-63.7%
MNP	Sell	WESTERN ASST MN PRT FD INC	$640,000	-50.8%	42,922	-50.5%	0.18%	-46.9%
PMO	Sell	PUTNAM MUN OPPORTUNITIES TRsh ben int	$612,000	-62.2%	51,151	-63.3%	0.17%	-59.2%
RCAPQ	Sell	RCS CAP CORP	$584,000	-89.6%	720,980	-1.3%	0.16%	-88.7%
VIPS	Sell	VIPSHOP HLDGS LTDsponsored adr	$571,000	-27.2%	33,995	-3.5%	0.16%	-21.3%
NIQ	Sell	NUVEEN INT DUR QUAL MUN TRM	$545,000	-65.4%	43,794	-66.0%	0.15%	-62.6%
LOR	Buy	LAZARD WORLD DIVID & INCOME	$525,000	+163.8%	57,631	+236.9%	0.15%	+186.3%
BLW	Buy	BLACKROCK LTD DURATION INC T	$515,000	+34.1%	35,646	+40.5%	0.14%	+44.4%
ACG	Sell	ALLIANCEBERNSTEIN INCOME FUN	$513,000	-95.2%	65,223	-95.5%	0.14%	-94.8%
CIDM	Sell	CINEDIGM CORP	$505,000	-21.9%	902,331	-1.7%	0.14%	-15.6%
STAG	Buy	STAG INDL INC	$496,000	-4.4%	27,250	+5.0%	0.14%	+3.0%
BIF	Sell	BOULDER GROWTH & INCOME FD I	$422,000	-17.4%	56,584	-6.6%	0.12%	-11.4%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$414,000	-2.6%	4,980	-1.0%	0.12%	+5.5%
NPP	Sell	NUVEEN PERFORMANCE PLUS MUN	$407,000	-63.4%	28,700	-63.8%	0.11%	-60.5%
MCN	Sell	MADISON CVRED CALL & EQ STR	$398,000	-14.0%	56,274	-3.1%	0.11%	-6.7%
DCA	New	VIRTUS TOTAL RETURN FD	$390,000	–	103,270	–	0.11%	–
	Sell	ROYAL GOLD INCnote 2.875% 6/1	$350,000	-9.8%	363,000	-4.2%	0.10%	-3.0%
TDF	Buy	TEMPLETON DRAGON FD INC	$332,000	-2.9%	17,755	+28.6%	0.09%	+4.5%
IGR	Sell	CBRE CLARION GLOBAL REAL EST	$317,000	-7.3%	42,930	-0.1%	0.09%	0.0%
IBM	Buy	INTERNATIONAL BUSINESS MACHS	$296,000	+6.9%	2,044	+20.0%	0.08%	+15.5%
BOE	Sell	BLACKROCK GLOBAL OPP EQTY TR	$281,000	-19.7%	23,224	-8.8%	0.08%	-13.3%
T	Sell	AT&T INC	$277,000	-94.0%	8,501	-93.5%	0.08%	-93.6%
ZF	Sell	ZWEIG FD	$269,000	-19.7%	20,976	-7.9%	0.08%	-12.8%
BUI	Sell	BLACKROCK UTIL & INFRASTRCTU	$256,000	-20.2%	15,722	-11.0%	0.07%	-14.5%
VBF	Sell	INVESCO BD FD	$249,000	-6.4%	14,101	-7.8%	0.07%	0.0%
MSF	Sell	MORGAN STANLEY EMER MKTS FD	$239,000	-18.7%	18,871	-4.7%	0.07%	-11.8%
DRA	Sell	DIVERSIFIED REAL ASSET INC F	$225,000	-32.0%	14,013	-25.8%	0.06%	-25.9%
APF	Sell	MORGAN STANLEY ASIA PAC FD I	$223,000	-24.1%	17,216	-8.4%	0.06%	-18.4%
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$179,000	-56.6%	29,445	-49.7%	0.05%	-52.8%
CSQ	Sell	CALAMOS STRATEGIC TOTL RETN	$172,000	-17.3%	18,518	-2.4%	0.05%	-11.1%
BCX	Sell	BLACKROCK RES & COMM STRAT T	$154,000	-41.4%	21,697	-24.8%	0.04%	-36.8%
F	New	FORD MTR CO DEL	$147,000	–	10,832	–	0.04%	–
BHK	Sell	BLACKROCK CORE BD TR	$140,000	-87.3%	10,803	-87.6%	0.04%	-86.3%
BKT	Sell	BLACKROCK INCOME TR INC	$106,000	-84.5%	16,794	-84.5%	0.03%	-83.0%
AEG	Buy	AEGON N Vny registry sh	$68,000	-20.9%	11,888	+2.0%	0.02%	-13.6%
JVA	Buy	COFFEE HLDGS INC	$65,000	-4.4%	16,712	+22.7%	0.02%	0.0%
AVP	Sell	AVON PRODS INC	$34,000	-50.7%	10,600	-3.4%	0.01%	-50.0%
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-10,453	–	-0.03%	–
FTT	Exit	FEDERATED ENHANC TREAS INCM	$0	–	-10,190	–	-0.04%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-1,721	–	-0.05%	–
HTD	Exit	HANCOCK JOHN TAX-ADV DIV INC	$0	–	-13,483	–	-0.07%	–
FPT	Exit	FEDERATED PREM INTR MUN INC	$0	–	-23,075	–	-0.08%	–
NXP	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-23,964	–	-0.08%	–
FPF	Exit	FIRST TR INTER DUR PFD & IN	$0	–	-19,543	–	-0.11%	–
BEP	Exit	BROOKFIELD RENEWABLE ENRGY Ppartnership unit	$0	–	-15,253	–	-0.12%	–
ICB	Exit	MORGAN STANLEY TRUSTS	$0	–	-62,559	–	-0.28%	–
CXH	Exit	MFS INVT GRADE MUN TRsh ben int	$0	–	-128,249	–	-0.31%	–
EOT	Exit	EATON VANCE NATL MUN OPPORT	$0	–	-67,822	–	-0.35%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-128,517	–	-0.46%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-3,759	–	-0.50%	–
NID	Exit	NUVEEN INTER DURATION MN TMF	$0	–	-197,553	–	-0.62%	–
BTT	Exit	BLACKROCK MUN TARGET TERM TR	$0	–	-136,925	–	-0.72%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-118,697	–	-1.13%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-133,670	–	-1.26%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-1,226,971	–	-2.57%	–

Q2 2015

			Value		Shares		↓ Weighting
WIW	New	WESTERN ASSET CLYM INFL OPP	$40,332,000	–	3,604,264	–	10.39%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$14,405,000	–	1,136,950	–	3.71%	–
GOV	New	GOVERNMENT PPTYS INCOME TR	$14,061,000	–	757,992	–	3.62%	–
GGN	New	GAMCO GLOBAL GOLD NAT RES &	$13,887,000	–	2,133,200	–	3.58%	–
PCI	New	PIMCO DYNAMIC CR INCOME FD	$12,090,000	–	599,101	–	3.11%	–
GAIA	New	GAIAM INCcl a	$11,268,000	–	1,722,901	–	2.90%	–
ACG	New	ALLIANCEBERNSTEIN INCOME FUN	$10,755,000	–	1,445,626	–	2.77%	–
JNS	New	JANUS CAP GROUP INC	$10,727,000	–	626,598	–	2.76%	–
MMT	New	MFS MULTIMARKET INCOME TRsh ben int	$10,013,000	–	1,649,554	–	2.58%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$9,975,000	–	1,226,971	–	2.57%	–
FT	New	FRANKLIN UNVL TRsh ben int	$8,925,000	–	1,383,754	–	2.30%	–
ERC	New	WELLS FARGO ADVANTAGE MULTI	$8,661,000	–	684,125	–	2.23%	–
CSG	New	CHAMBERS STR PPTYS	$8,365,000	–	1,052,180	–	2.16%	–
GDO	New	WESTERN ASSET GLOBAL CP DEFI	$8,111,000	–	472,946	–	2.09%	–
WIA	New	WESTERN ASSET CLYM INFL SEC	$8,020,000	–	711,588	–	2.07%	–
COT	New	COTT CORP QUE	$7,688,000	–	786,058	–	1.98%	–
LXP	New	LEXINGTON REALTY TRUST	$7,259,000	–	856,010	–	1.87%	–
GROW	New	U S GLOBAL INVS INCcl a	$7,096,000	–	2,552,408	–	1.83%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$6,550,000	–	803,718	–	1.69%	–
SLW	New	SILVER WHEATON CORP	$6,369,000	–	367,292	–	1.64%	–
SNH	New	SENIOR HSG PPTYS TRsh ben int	$5,814,000	–	331,289	–	1.50%	–
RCAPQ	New	RCS CAP CORP	$5,598,000	–	730,845	–	1.44%	–
BGB	New	BLACKSTONE GSO STRATEGIC CR	$5,594,000	–	357,886	–	1.44%	–
SGL	New	STRATEGIC GLOBAL INCOME FD	$5,071,000	–	613,123	–	1.31%	–
JQC	New	NUVEEN CR STRATEGIES INCM FD	$5,022,000	–	583,255	–	1.29%	–
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$4,872,000	–	133,670	–	1.26%	–
BTG	New	B2GOLD CORP	$4,757,000	–	3,109,035	–	1.22%	–
T	New	AT&T INC	$4,648,000	–	130,851	–	1.20%	–
NGD	New	NEW GOLD INC CDA	$4,626,000	–	1,719,718	–	1.19%	–
TDC	New	TERADATA CORP DEL	$4,392,000	–	118,697	–	1.13%	–
FOF	New	COHEN & STEERS CLOSED END OP	$4,333,000	–	358,387	–	1.12%	–
MCR	New	MFS CHARTER INCOME TRsh ben int	$4,205,000	–	496,511	–	1.08%	–
PHD	New	PIONEER FLOATING RATE TR	$3,755,000	–	330,004	–	0.97%	–
EFF	New	EATON VANCE FLTG RATE INCOM	$3,470,000	–	216,599	–	0.89%	–
BWG	New	LEGG MASON BW GLB INC OPP FD	$3,245,000	–	228,070	–	0.84%	–
DDC	New	DOMINION DIAMOND CORP	$3,157,000	–	225,359	–	0.81%	–
FTF	New	FRANKLIN LTD DURATION INC TR	$2,974,000	–	255,298	–	0.77%	–
MPW	New	MEDICAL PPTYS TRUST INC	$2,829,000	–	215,772	–	0.73%	–
BTT	New	BLACKROCK MUN TARGET TERM TR	$2,775,000	–	136,925	–	0.72%	–
TINY	New	HARRIS & HARRIS GROUP INC	$2,721,000	–	989,591	–	0.70%	–
LF	New	LEAPFROG ENTERPRISES INCcl a	$2,690,000	–	1,921,174	–	0.69%	–
GDL	New	GDL FUND	$2,517,000	–	246,974	–	0.65%	–
TIVO	New	TIVO INC	$2,449,000	–	241,530	–	0.63%	–
MUI	New	BLACKROCK MUNI INTER DR FD I	$2,428,000	–	178,536	–	0.62%	–
NID	New	NUVEEN INTER DURATION MN TMF	$2,420,000	–	197,553	–	0.62%	–
IQI	New	INVESCO QUALITY MUNI INC TRS	$2,262,000	–	191,400	–	0.58%	–
MIN	New	MFS INTER INCOME TRsh ben int	$2,154,000	–	466,234	–	0.56%	–
ETX	New	EATON VANCE MUN INCOME 2028	$1,990,000	–	117,500	–	0.51%	–
GOOG	New	GOOGLE INCcl c	$1,957,000	–	3,759	–	0.50%	–
VGM	New	INVESCO TR INVT GRADE MUNS	$1,907,000	–	150,250	–	0.49%	–
GNW	New	GENWORTH FINL INC	$1,870,000	–	246,965	–	0.48%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$1,772,000	–	128,517	–	0.46%	–
EVG	New	EATON VANCE SH TM DR DIVR IN	$1,628,000	–	117,539	–	0.42%	–
KST	New	DEUTSCHE STRATEGIC INCOME TR	$1,628,000	–	146,529	–	0.42%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$1,619,000	–	139,425	–	0.42%	–
NIQ	New	NUVEEN INT DUR QUAL MUN TRM	$1,577,000	–	128,910	–	0.41%	–
STKL	New	SUNOPTA INC	$1,490,000	–	138,835	–	0.38%	–
EOT	New	EATON VANCE NATL MUN OPPORT	$1,369,000	–	67,822	–	0.35%	–
ES	New	EVERSOURCE ENERGY	$1,356,000	–	29,860	–	0.35%	–
MNP	New	WESTERN ASST MN PRT FD INC	$1,301,000	–	86,662	–	0.34%	–
EMI	New	EATON VANCE MI MUNI INCOME Tsh ben int	$1,224,000	–	99,050	–	0.32%	–
CXH	New	MFS INVT GRADE MUN TRsh ben int	$1,193,000	–	128,249	–	0.31%	–
FRA	New	BLACKROCK FLOAT RATE OME STR	$1,156,000	–	85,534	–	0.30%	–
VTA	New	INVESCO DYNAMIC CR OPP FD	$1,156,000	–	99,566	–	0.30%	–
FAST	New	FASTENAL CO	$1,151,000	–	27,298	–	0.30%	–
ZTR	New	ZWEIG TOTAL RETURN FD INC	$1,136,000	–	87,762	–	0.29%	–
NPP	New	NUVEEN PERFORMANCE PLUS MUN	$1,111,000	–	79,200	–	0.29%	–
TZOO	New	TRAVELZOO INC	$1,106,000	–	98,050	–	0.28%	–
BHK	New	BLACKROCK CORE BD TR	$1,102,000	–	86,992	–	0.28%	–
RGT	New	ROYCE GLOBAL VALUE TR INC	$1,078,000	–	129,702	–	0.28%	–
ICB	New	MORGAN STANLEY TRUSTS	$1,077,000	–	62,559	–	0.28%	–
LOV	New	SPARK NETWORKS INC	$1,047,000	–	341,163	–	0.27%	–
JGH	New	NUVEEN GLOBAL HIGH INCOME FD	$1,040,000	–	62,238	–	0.27%	–
BDMS	New	BIRNER DENTAL MGMT SERVICES	$1,033,000	–	79,485	–	0.27%	–
DMB	New	DREYFUS MUN BD INFRSTRCTR FD	$1,018,000	–	87,565	–	0.26%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$1,002,000	–	7,362	–	0.26%	–
BGT	New	BLACKROCK FLOATING RATE INCO	$981,000	–	75,588	–	0.25%	–
VFL	New	DELAWARE INVT NAT MUNI INC Fsh ben int	$966,000	–	76,388	–	0.25%	–
BCV	New	BANCROFT FUND LTD	$968,000	–	45,708	–	0.25%	–
PDT	New	HANCOCK JOHN PREMUIM DIV FD	$906,000	–	69,135	–	0.23%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$856,000	–	40,734	–	0.22%	–
GGZ	New	GABELLI GLB SML & MD CP VAL	$821,000	–	77,097	–	0.21%	–
SBW	New	WESTERN ASSET WORLDWIDE INCO	$809,000	–	74,654	–	0.21%	–
CL	New	COLGATE PALMOLIVE CO	$798,000	–	12,200	–	0.21%	–
SPE	New	SPECIAL OPPORTUNITIES FD INC	$791,000	–	51,762	–	0.20%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$784,000	–	35,225	–	0.20%	–
PG	New	PROCTER & GAMBLE CO	$779,000	–	9,954	–	0.20%	–
PPR	New	VOYA PRIME RATE TRsh ben int	$777,000	–	148,061	–	0.20%	–
BKT	New	BLACKROCK INCOME TR INC	$684,000	–	108,167	–	0.18%	–
CIDM	New	CINEDIGM CORP	$647,000	–	917,731	–	0.17%	–
NVG	New	NUVEEN DIVID ADVANTAGE MUN I	$630,000	–	46,425	–	0.16%	–
RMT	New	ROYCE MICRO-CAP TR INC	$617,000	–	66,934	–	0.16%	–
DTE	New	DTE ENERGY CO	$528,000	–	7,075	–	0.14%	–
STAG	New	STAG INDL INC	$519,000	–	25,950	–	0.13%	–
BIF	New	BOULDER GROWTH & INCOME FD I	$511,000	–	60,589	–	0.13%	–
ED	New	CONSOLIDATED EDISON INC	$483,000	–	8,343	–	0.12%	–
MCN	New	MADISON CVRED CALL & EQ STR	$463,000	–	58,051	–	0.12%	–
BEP	New	BROOKFIELD RENEWABLE ENRGY Ppartnership unit	$453,000	–	15,253	–	0.12%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$425,000	–	5,032	–	0.11%	–
FPF	New	FIRST TR INTER DUR PFD & IN	$421,000	–	19,543	–	0.11%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$412,000	–	58,545	–	0.11%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$388,000	–	379,000	–	0.10%	–
BLW	New	BLACKROCK LTD DURATION INC T	$384,000	–	25,378	–	0.10%	–
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$350,000	–	25,466	–	0.09%	–
IGR	New	CBRE CLARION GLOBAL REAL EST	$342,000	–	42,963	–	0.09%	–
TDF	New	TEMPLETON DRAGON FD INC	$342,000	–	13,803	–	0.09%	–
ZF	New	ZWEIG FD	$335,000	–	22,783	–	0.09%	–
DRA	New	DIVERSIFIED REAL ASSET INC F	$331,000	–	18,881	–	0.08%	–
NXP	New	NUVEEN SELECT TAX FREE INCMsh ben int	$325,000	–	23,964	–	0.08%	–
BUI	New	BLACKROCK UTIL & INFRASTRCTU	$321,000	–	17,661	–	0.08%	–
FPT	New	FEDERATED PREM INTR MUN INC	$304,000	–	23,075	–	0.08%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$294,000	–	19,803	–	0.08%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$294,000	–	18,805	–	0.08%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$277,000	–	1,703	–	0.07%	–
VBF	New	INVESCO BD FD	$266,000	–	15,301	–	0.07%	–
PFE	New	PFIZER INC	$263,000	–	7,851	–	0.07%	–
BCX	New	BLACKROCK RES & COMM STRAT T	$263,000	–	28,846	–	0.07%	–
HTD	New	HANCOCK JOHN TAX-ADV DIV INC	$265,000	–	13,483	–	0.07%	–
CSQ	New	CALAMOS STRATEGIC TOTL RETN	$208,000	–	18,979	–	0.05%	–
UNH	New	UNITEDHEALTH GROUP INC	$210,000	–	1,721	–	0.05%	–
LOR	New	LAZARD WORLD DIVID & INCOME	$199,000	–	17,107	–	0.05%	–
NUM	New	NUVEEN MICH QUALITY INCOME M	$146,000	–	11,000	–	0.04%	–
FTT	New	FEDERATED ENHANC TREAS INCM	$135,000	–	10,190	–	0.04%	–
PIM	New	PUTNAM MASTER INTER INCOME Tsh ben int	$119,000	–	25,155	–	0.03%	–
TRF	New	TEMPLETON RUS AND EAST EUR F	$105,000	–	10,453	–	0.03%	–
AEG	New	AEGON N Vny registry sh	$86,000	–	11,652	–	0.02%	–
AVP	New	AVON PRODS INC	$69,000	–	10,975	–	0.02%	–
JVA	New	COFFEE HLDGS INC	$68,000	–	13,625	–	0.02%	–
4305PS	New	ALCATEL-LUCENTsponsored adr	$49,000	–	13,513	–	0.01%	–

Q4 2014

			Value		Shares		↓ Weighting
ELNK	Exit	EARTHLINK HLDGS CORP	$0	–	-15,346	–	-0.02%	–
RGSE	Exit	REAL GOODS SOLAR INCcl a	$0	–	-49,178	–	-0.02%	–
AEG	Exit	AEGON N Vny registry sh	$0	–	-12,623	–	-0.03%	–
SBI	Exit	WESTERN ASSET INTM MUNI FD I	$0	–	-11,000	–	-0.03%	–
IGR	Exit	CBRE CLARION GLOBAL REAL EST	$0	–	-13,093	–	-0.03%	–
PW	Exit	POWER REIT	$0	–	-14,289	–	-0.04%	–
LOR	Exit	LAZARD WORLD DIVID & INCOME	$0	–	-10,875	–	-0.05%	–
CSQ	Exit	CALAMOS STRATEGIC TOTL RETN	$0	–	-15,067	–	-0.05%	–
TRF	Exit	TEMPLETON RUS AND EAST EUR F	$0	–	-14,705	–	-0.06%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-21,725	–	-0.06%	–
JTP	Exit	NUVEEN QUALITY PFD INCOME FD	$0	–	-28,549	–	-0.07%	–
PFE	Exit	PFIZER INC	$0	–	-8,181	–	-0.07%	–
MMD	Exit	MAINSTAY DEFINEDTERM MN OPP	$0	–	-14,800	–	-0.08%	–
APF	Exit	MORGAN STANLEY ASIA PAC FD I	$0	–	-18,049	–	-0.09%	–
AAPL	Exit	APPLE INC	$0	–	-3,283	–	-0.10%	–
ZF	Exit	ZWEIG FD	$0	–	-21,936	–	-0.10%	–
PIM	Exit	PUTNAM MASTER INTER INCOME Tsh ben int	$0	–	-66,971	–	-0.10%	–
FFNM	Exit	FIRST FED NORTHN MICH BANCOR	$0	–	-63,730	–	-0.10%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-22,408	–	-0.10%	–
GIM	Exit	TEMPLETON GLOBAL INCOME FD	$0	–	-46,587	–	-0.11%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-8,343	–	-0.14%	–
BDMS	Exit	BIRNER DENTAL MGMT SERVICES	$0	–	-29,151	–	-0.15%	–
JVA	Exit	COFFEE HLDGS INC	$0	–	-93,807	–	-0.15%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-45,158	–	-0.16%	–
DTE	Exit	DTE ENERGY CO	$0	–	-7,075	–	-0.16%	–
NXQ	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-41,877	–	-0.16%	–
BUI	Exit	BLACKROCK UTIL & INFRASTRCTU	$0	–	-27,599	–	-0.16%	–
RGT	Exit	ROYCE GLOBAL VALUE TR INC	$0	–	-65,599	–	-0.17%	–
BTF	Exit	BOULDER TOTAL RETURN FD INC	$0	–	-22,181	–	-0.17%	–
NOAH	Exit	NOAH HLDGS LTDsponsored ads	$0	–	-44,185	–	-0.18%	–
ZTR	Exit	ZWEIG TOTAL RETURN FD INC	$0	–	-48,946	–	-0.20%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-8,160	–	-0.20%	–
MCN	Exit	MADISON CVRED CALL & EQ STR	$0	–	-86,357	–	-0.21%	–
GGZ	Exit	GABELLI GLB SML & MD CP VAL	$0	–	-72,981	–	-0.22%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-12,350	–	-0.24%	–
NXP	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-58,514	–	-0.24%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-675,164	–	-0.24%	–
DOVR	Exit	DOVER SADDLERY INC	$0	–	-162,333	–	-0.25%	–
CXH	Exit	MFS INVT GRADE MUN TRsh ben int	$0	–	-98,250	–	-0.26%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-36,022	–	-0.27%	–
NXR	Exit	NUVEEN SELECT TAX FREE INCMsh ben int	$0	–	-68,300	–	-0.28%	–
SBW	Exit	WESTERN ASSET WORLDWIDE INCO	$0	–	-77,704	–	-0.28%	–
SPE	Exit	SPECIAL OPPORTUNITIES FD INC	$0	–	-59,070	–	-0.29%	–
VFL	Exit	DELAWARE INVT NAT MUNI INC Fsh ben int	$0	–	-78,138	–	-0.29%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-7,410	–	-0.30%	–
CMK	Exit	MFS INTERMARKET INCOME TRUSTsh ben int	$0	–	-122,833	–	-0.30%	–
DMB	Exit	DREYFUS MUN BD INFRSTRCTR FD	$0	–	-88,228	–	-0.31%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-52,686	–	-0.31%	–
FAST	Exit	FASTENAL CO	$0	–	-25,837	–	-0.34%	–
BNA	Exit	BLACKROCK INCOME OPP TRUST I	$0	–	-113,889	–	-0.35%	–
CSG	Exit	CHAMBERS STR PPTYS	$0	–	-165,540	–	-0.37%	–
DCA	Exit	VIRTUS TOTAL RETURN FD	$0	–	-272,268	–	-0.37%	–
NU	Exit	NORTHEAST UTILS	$0	–	-29,860	–	-0.39%	–
ICB	Exit	MORGAN STANLEY TRUSTS	$0	–	-74,272	–	-0.39%	–
MNP	Exit	WESTERN ASST MN PRT FD INC	$0	–	-97,162	–	-0.43%	–
BWG	Exit	LEGG MASON BW GLB INC OPP FD	$0	–	-85,971	–	-0.43%	–
CIDM	Exit	CINEDIGM CORP	$0	–	-953,531	–	-0.44%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-23,855	–	-0.44%	–
LWAY	Exit	LIFEWAY FOODS INC	$0	–	-109,434	–	-0.45%	–
TZOO	Exit	TRAVELZOO INC	$0	–	-98,650	–	-0.45%	–
TIVO	Exit	TIVO INC	$0	–	-125,210	–	-0.47%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-69,597	–	-0.48%	–
GDL	Exit	GDL FUND	$0	–	-157,450	–	-0.49%	–
NIQ	Exit	NUVEEN INT DUR QUAL MUN TRM	$0	–	-145,460	–	-0.55%	–
EOT	Exit	EATON VANCE NATL MUN OPPORT	$0	–	-101,291	–	-0.60%	–
TDC	Exit	TERADATA CORP DEL	$0	–	-50,187	–	-0.62%	–
VGM	Exit	INVESCO TR INVT GRADE MUNS	$0	–	-161,100	–	-0.62%	–
CSI	Exit	CUTWATER SELECT INCOME FD	$0	–	-109,361	–	-0.64%	–
ETX	Exit	EATON VANCE MUN INCOME TERM	$0	–	-126,000	–	-0.64%	–
JGG	Exit	NUVEEN GBL INCOME OPPORTUN F	$0	–	-178,851	–	-0.65%	–
TINY	Exit	HARRIS & HARRIS GROUP INC	$0	–	-745,077	–	-0.65%	–
VBF	Exit	INVESCO BD FD	$0	–	-122,137	–	-0.67%	–
GG	Exit	GOLDCORP INC NEW	$0	–	-99,483	–	-0.68%	–
IQI	Exit	INVESCO QUALITY MUNI INC TRS	$0	–	-204,432	–	-0.73%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-172,507	–	-0.74%	–
MUI	Exit	BLACKROCK MUNI INTER DR FD I	$0	–	-181,386	–	-0.77%	–
WIA	Exit	WESTERN ASSET CLYM INFL SEC	$0	–	-230,337	–	-0.78%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-274,392	–	-0.81%	–
BTT	Exit	BLACKROCK MUN TARGET TERM TR	$0	–	-139,000	–	-0.81%	–
PMO	Exit	PUTNAM MUN OPPORTUNITIES TRsh ben int	$0	–	-241,345	–	-0.83%	–
GDO	Exit	WESTERN ASSET GLOBAL CP DEFI	$0	–	-166,352	–	-0.89%	–
FTT	Exit	FEDERATED ENHANC TREAS INCM	$0	–	-226,478	–	-0.90%	–
FPF	Exit	FIRST TR INTER DUR PFD & IN	$0	–	-151,844	–	-0.97%	–
HTD	Exit	HANCOCK JOHN TAX-ADV DIV INC	$0	–	-164,762	–	-1.00%	–
NID	Exit	NUVEEN INTER DURATION MN TMF	$0	–	-272,478	–	-1.00%	–
BTG	Exit	B2GOLD CORP	$0	–	-1,713,810	–	-1.02%	–
T	Exit	AT&T INC	$0	–	-109,191	–	-1.13%	–
CDE	Exit	COEUR MNG INC	$0	–	-791,158	–	-1.16%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,194,468	–	-1.16%	–
JQC	Exit	NUVEEN CR STRATEGIES INCM FD	$0	–	-470,415	–	-1.24%	–
COT	Exit	COTT CORP QUE	$0	–	-673,911	–	-1.36%	–
FOF	Exit	COHEN & STEERS CLOSED END OP	$0	–	-375,244	–	-1.44%	–
MMT	Exit	MFS MULTIMARKET INCOME TRsh ben int	$0	–	-765,010	–	-1.45%	–
SGL	Exit	STRATEGIC GLOBAL INCOME FD	$0	–	-560,384	–	-1.46%	–
MPW	Exit	MEDICAL PPTYS TRUST INC	$0	–	-412,881	–	-1.49%	–
ERC	Exit	WELLS FARGO ADVANTAGE MULTI	$0	–	-376,601	–	-1.55%	–
VOD	Exit	VODAFONE GROUP PLC NEWspnsr adr no par	$0	–	-171,608	–	-1.66%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-287,265	–	-1.69%	–
LTM	Exit	LIFE TIME FITNESS INC	$0	–	-115,575	–	-1.72%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-447,800	–	-1.88%	–
JNS	Exit	JANUS CAP GROUP INC	$0	–	-483,350	–	-2.07%	–
MTS	Exit	MONTGOMERY STR INCOME SECS I	$0	–	-449,843	–	-2.16%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-898,373	–	-2.22%	–
FT	Exit	FRANKLIN UNVL TRsh ben int	$0	–	-1,095,324	–	-2.27%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-2,575,652	–	-2.70%	–
BCF	Exit	BLACKROCK REAL ASSET EQUITY	$0	–	-1,147,674	–	-2.86%	–
GAIA	Exit	GAIAM INCcl a	$0	–	-1,771,355	–	-3.83%	–
PDT	Exit	HANCOCK JOHN PREMUIM DIV FD	$0	–	-1,051,353	–	-4.07%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-1,279,934	–	-4.55%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-1,190,385	–	-4.67%	–
WIW	Exit	WESTERN ASSET CLYM INFL OPP	$0	–	-2,269,544	–	-7.75%	–
ACG	Exit	ALLIANCEBERNSTEIN INCOME FUN	$0	–	-4,075,188	–	-9.01%	–

Q3 2014

			Value		Shares		↓ Weighting
ACG	Sell	ALLIANCEBERNSTEIN INCOME FUN	$30,564,000	-14.4%	4,075,188	-14.2%	9.01%	-11.7%
WIW	Sell	WESTERN ASSET CLYM INFL OPP	$26,304,000	-16.9%	2,269,544	-11.7%	7.75%	-14.2%
BTZ	Buy	BLACKROCK CR ALLCTN INC TR	$15,844,000	-0.1%	1,190,385	+3.2%	4.67%	+3.1%
T104PS	Buy	AMERICAN RLTY CAP PPTYS INC	$15,436,000	+7.2%	1,279,934	+11.4%	4.55%	+10.6%
PDT	Sell	HANCOCK JOHN PREMUIM DIV FD	$13,825,000	-17.2%	1,051,353	-14.5%	4.07%	-14.6%
GAIA	Sell	GAIAM INCcl a	$13,002,000	-4.8%	1,771,355	-0.4%	3.83%	-1.7%
BCF	Sell	BLACKROCK REAL ASSET EQUITY	$9,721,000	-27.0%	1,147,674	-19.1%	2.86%	-24.7%
GROW	Buy	U S GLOBAL INVS INCcl a	$9,144,000	+3.7%	2,575,652	+2.8%	2.70%	+7.0%
FT	Buy	FRANKLIN UNVL TRsh ben int	$7,689,000	-3.0%	1,095,324	+4.0%	2.27%	+0.0%
JHP	Buy	NUVEEN QUALITY PFD INC FD 3	$7,519,000	-1.0%	898,373	+2.7%	2.22%	+2.1%
MTS	Sell	MONTGOMERY STR INCOME SECS I	$7,341,000	-3.2%	449,843	-1.0%	2.16%	-0.1%
JNS	New	JANUS CAP GROUP INC	$7,028,000	–	483,350	–	2.07%	–
DDC	Buy	DOMINION DIAMOND CORP	$6,377,000	-0.6%	447,800	+0.9%	1.88%	+2.6%
LTM	New	LIFE TIME FITNESS INC	$5,830,000	–	115,575	–	1.72%	–
SLW	Buy	SILVER WHEATON CORP	$5,725,000	-23.7%	287,265	+0.5%	1.69%	-21.4%
VOD	New	VODAFONE GROUP PLC NEWspnsr adr no par	$5,644,000	–	171,608	–	1.66%	–
ERC	Sell	WELLS FARGO ADVANTAGE MULTI	$5,257,000	-6.6%	376,601	-0.3%	1.55%	-3.7%
MPW	Sell	MEDICAL PPTYS TRUST INC	$5,062,000	-15.9%	412,881	-9.1%	1.49%	-13.2%
SGL	Buy	STRATEGIC GLOBAL INCOME FD	$4,948,000	-2.6%	560,384	+3.1%	1.46%	+0.5%
MMT	Buy	MFS MULTIMARKET INCOME TRsh ben int	$4,911,000	+65.4%	765,010	+71.3%	1.45%	+70.6%
FOF	Buy	COHEN & STEERS CLOSED END OP	$4,889,000	+4.5%	375,244	+8.4%	1.44%	+7.8%
COT	Buy	COTT CORP QUE	$4,630,000	+5.3%	673,911	+8.3%	1.36%	+8.7%
JQC	New	NUVEEN CR STRATEGIES INCM FD	$4,201,000	–	470,415	–	1.24%	–
KGC	New	KINROSS GOLD CORP	$3,942,000	–	1,194,468	–	1.16%	–
CDE	Buy	COEUR MNG INC	$3,924,000	-45.1%	791,158	+1.6%	1.16%	-43.4%
T	Buy	AT&T INC	$3,848,000	+1.9%	109,191	+2.3%	1.13%	+5.1%
BTG	Buy	B2GOLD CORP	$3,479,000	+27.0%	1,713,810	+82.7%	1.02%	+30.9%
HTD	Sell	HANCOCK JOHN TAX-ADV DIV INC	$3,396,000	-54.4%	164,762	-53.7%	1.00%	-53.0%
NID	Buy	NUVEEN INTER DURATION MN TMF	$3,398,000	-0.2%	272,478	+0.7%	1.00%	+2.9%
FPF	Sell	FIRST TR INTER DUR PFD & IN	$3,298,000	-5.2%	151,844	-0.2%	0.97%	-2.2%
FTT	Sell	FEDERATED ENHANC TREAS INCM	$3,051,000	-6.0%	226,478	-5.9%	0.90%	-3.1%
GDO	Buy	WESTERN ASSET GLOBAL CP DEFI	$3,026,000	+1.4%	166,352	+4.2%	0.89%	+4.7%
PMO	Buy	PUTNAM MUN OPPORTUNITIES TRsh ben int	$2,824,000	+11.8%	241,345	+12.3%	0.83%	+15.4%
BTT	Buy	BLACKROCK MUN TARGET TERM TR	$2,762,000	+10.6%	139,000	+13.0%	0.81%	+14.0%
LXP	New	LEXINGTON REALTY TRUST	$2,741,000	–	274,392	–	0.81%	–
WIA	Buy	WESTERN ASSET CLYM INFL SEC	$2,658,000	+21.6%	230,337	+28.9%	0.78%	+25.5%
MUI	Buy	BLACKROCK MUNI INTER DR FD I	$2,625,000	+13.6%	181,386	+14.6%	0.77%	+17.3%
FDI	Sell	FORT DEARBORN INCOME SECS IN	$2,496,000	-4.2%	172,507	-1.4%	0.74%	-1.1%
IQI	Buy	INVESCO QUALITY MUNI INC TRS	$2,478,000	+1.5%	204,432	+2.8%	0.73%	+4.7%
GG	Buy	GOLDCORP INC NEW	$2,291,000	+5.4%	99,483	+27.8%	0.68%	+8.7%
VBF	Sell	INVESCO BD FD	$2,269,000	-3.7%	122,137	-0.6%	0.67%	-0.6%
TINY	Buy	HARRIS & HARRIS GROUP INC	$2,220,000	+10.4%	745,077	+17.9%	0.65%	+13.9%
JGG	Sell	NUVEEN GBL INCOME OPPORTUN F	$2,211,000	-4.2%	178,851	-1.2%	0.65%	-1.1%
CSI	Sell	CUTWATER SELECT INCOME FD	$2,160,000	-2.7%	109,361	-0.8%	0.64%	+0.5%
VGM	Buy	INVESCO TR INVT GRADE MUNS	$2,112,000	+11.5%	161,100	+10.8%	0.62%	+15.0%
TDC	New	TERADATA CORP DEL	$2,104,000	–	50,187	–	0.62%	–
NIQ	Sell	NUVEEN INT DUR QUAL MUN TRM	$1,859,000	-0.7%	145,460	-0.3%	0.55%	+2.4%
GDL	New	GDL FUND	$1,660,000	–	157,450	–	0.49%	–
UTF	Buy	COHEN & STEERS INFRASTRUCTUR	$1,611,000	+13.7%	69,597	+20.3%	0.48%	+17.3%
TIVO	New	TIVO INC	$1,602,000	–	125,210	–	0.47%	–
TZOO	New	TRAVELZOO INC	$1,529,000	–	98,650	–	0.45%	–
LWAY	Buy	LIFEWAY FOODS INC	$1,518,000	+5.9%	109,434	+6.7%	0.45%	+9.3%
DLR	Sell	DIGITAL RLTY TR INC	$1,488,000	-39.7%	23,855	-43.6%	0.44%	-37.6%
CIDM	New	CINEDIGM CORP	$1,478,000	–	953,531	–	0.44%	–
BWG	Sell	LEGG MASON BW GLB INC OPP FD	$1,455,000	-8.5%	85,971	-0.8%	0.43%	-5.5%
ICB	Sell	MORGAN STANLEY TRUSTS	$1,326,000	-1.2%	74,272	-0.1%	0.39%	+2.1%
DCA	Sell	VIRTUS TOTAL RETURN FD	$1,266,000	-66.0%	272,268	-64.9%	0.37%	-64.9%
CSG	New	CHAMBERS STR PPTYS	$1,247,000	–	165,540	–	0.37%	–
BNA	Sell	BLACKROCK INCOME OPP TRUST I	$1,180,000	-5.2%	113,889	-0.7%	0.35%	-2.2%
FAST	Sell	FASTENAL CO	$1,160,000	-66.6%	25,837	-63.1%	0.34%	-65.5%
BCV	Sell	BANCROFT FUND LTD	$1,041,000	-3.3%	52,686	-1.3%	0.31%	-0.3%
DMB	Buy	DREYFUS MUN BD INFRSTRCTR FD	$1,038,000	+56.6%	88,228	+57.6%	0.31%	+61.9%
CMK	Sell	MFS INTERMARKET INCOME TRUSTsh ben int	$1,026,000	-2.7%	122,833	-0.6%	0.30%	+0.3%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$1,024,000	+10.6%	7,410	+1.2%	0.30%	+14.0%
VFL	Buy	DELAWARE INVT NAT MUNI INC Fsh ben int	$997,000	+0.5%	78,138	+1.6%	0.29%	+3.9%
SPE	Sell	SPECIAL OPPORTUNITIES FD INC	$985,000	-0.9%	59,070	-0.8%	0.29%	+2.1%
SBW	Sell	WESTERN ASSET WORLDWIDE INCO	$951,000	-7.6%	77,704	-0.7%	0.28%	-4.8%
TDF	Sell	TEMPLETON DRAGON FD INC	$929,000	-2.2%	36,022	-2.0%	0.27%	+1.1%
CXH	Buy	MFS INVT GRADE MUN TRsh ben int	$898,000	+112.8%	98,250	+115.9%	0.26%	+119.0%
DOVR	Sell	DOVER SADDLERY INC	$834,000	-40.0%	162,333	-36.5%	0.25%	-38.0%
LODE	Sell	COMSTOCK MNG INC	$817,000	-27.8%	675,164	-0.3%	0.24%	-25.4%
CL	Buy	COLGATE PALMOLIVE CO	$805,000	-3.2%	12,350	+1.2%	0.24%	-0.4%
GGZ	New	GABELLI GLB SML & MD CP VAL	$747,000	–	72,981	–	0.22%	–
MCN	Sell	MADISON CVRED CALL & EQ STR	$725,000	-5.1%	86,357	-0.6%	0.21%	-1.8%
PG	Buy	PROCTER & GAMBLE CO	$683,000	+9.6%	8,160	+3.0%	0.20%	+12.9%
ZTR	Sell	ZWEIG TOTAL RETURN FD INC	$678,000	-7.1%	48,946	-3.5%	0.20%	-4.3%
NOAH	Buy	NOAH HLDGS LTDsponsored ads	$593,000	-2.0%	44,185	+3.2%	0.18%	+1.2%
BTF	Sell	BOULDER TOTAL RETURN FD INC	$584,000	+1.7%	22,181	-0.8%	0.17%	+4.9%
RGT	New	ROYCE GLOBAL VALUE TR INC	$571,000	–	65,599	–	0.17%	–
BUI	Sell	BLACKROCK UTIL & INFRASTRCTU	$552,000	-6.8%	27,599	-2.3%	0.16%	-3.6%
RMT	Buy	ROYCE MICRO-CAP TR INC	$532,000	-6.5%	45,158	+0.1%	0.16%	-3.7%
JVA	Sell	COFFEE HLDGS INC	$515,000	-22.7%	93,807	-0.5%	0.15%	-20.0%
BDMS	New	BIRNER DENTAL MGMT SERVICES	$495,000	–	29,151	–	0.15%	–
GIM	Sell	TEMPLETON GLOBAL INCOME FD	$370,000	-3.9%	46,587	-0.1%	0.11%	-0.9%
MSF	Sell	MORGAN STANLEY EMER MKTS FD	$347,000	-6.5%	22,408	-3.0%	0.10%	-3.8%
FFNM	Sell	FIRST FED NORTHN MICH BANCOR	$340,000	-64.8%	63,730	-59.7%	0.10%	-63.8%
PIM	Sell	PUTNAM MASTER INTER INCOME Tsh ben int	$337,000	-4.5%	66,971	-2.4%	0.10%	-2.0%
ZF	Sell	ZWEIG FD	$333,000	-4.0%	21,936	-1.1%	0.10%	-1.0%
AAPL	New	APPLE INC	$331,000	–	3,283	–	0.10%	–
APF	Buy	MORGAN STANLEY ASIA PAC FD I	$295,000	+54.5%	18,049	+58.0%	0.09%	+58.2%
MMD	Sell	MAINSTAY DEFINEDTERM MN OPP	$264,000	-28.8%	14,800	-28.8%	0.08%	-26.4%
PFE	New	PFIZER INC	$242,000	–	8,181	–	0.07%	–
JTP	Buy	NUVEEN QUALITY PFD INCOME FD	$233,000	-4.1%	28,549	+0.0%	0.07%	0.0%
TRF	New	TEMPLETON RUS AND EAST EUR F	$185,000	–	14,705	–	0.06%	–
CSQ	Sell	CALAMOS STRATEGIC TOTL RETN	$176,000	-32.0%	15,067	-30.1%	0.05%	-29.7%
IGR	New	CBRE CLARION GLOBAL REAL EST	$110,000	–	13,093	–	0.03%	–
AEG	Buy	AEGON N Vny registry sh	$104,000	-4.6%	12,623	+1.4%	0.03%	0.0%
RGSE	Sell	REAL GOODS SOLAR INCcl a	$85,000	-84.4%	49,178	-73.1%	0.02%	-84.0%
ELNK	New	EARTHLINK HLDGS CORP	$52,000	–	15,346	–	0.02%	–
VIAS	Exit	VIASYSTEMS GROUP INC	$0	–	-11,190	–	-0.04%	–
PFE	Exit	PFIZER INC	$0	–	-7,851	–	-0.07%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,405	–	-0.07%	–
APA	Exit	APACHE CORP	$0	–	-2,464	–	-0.07%	–
WAG	Exit	WALGREEN CO	$0	–	-4,480	–	-0.10%	–
FPT	Exit	FEDERATED PREM INTR MUN INC	$0	–	-44,150	–	-0.17%	–
BSP	Exit	AMERN STRATEGIC INCOME PTFL	$0	–	-110,243	–	-0.28%	–
AEC	Exit	ASSOCIATED ESTATES RLTY CORP	$0	–	-70,300	–	-0.36%	–
8107SC	Exit	AMERICAN STRATEGIC INCM PTFL	$0	–	-150,980	–	-0.44%	–
BPY	Exit	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$0	–	-126,271	–	-0.75%	–
0295SC	Exit	AMERICAN SELECT PORTFOLIO IN	$0	–	-427,263	–	-1.31%	–
	Exit	ROYAL GOLD INCnote 2.875% 6/1	$0	–	-4,294,000	–	-1.32%	–
MBT	Exit	MOBILE TELESYSTEMS OJSCsponsored adr	$0	–	-239,625	–	-1.35%	–

Q2 2014

			Value		Shares		↓ Weighting
ACG	New	ALLIANCEBERNSTEIN INCOME FUN	$35,702,000	–	4,747,642	–	10.20%	–
WIW	New	WESTERN ASSET CLYM INFL OPP	$31,644,000	–	2,570,598	–	9.04%	–
PDT	New	HANCOCK JOHN PREMUIM DIV FD	$16,703,000	–	1,229,077	–	4.77%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$15,858,000	–	1,153,295	–	4.53%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$14,398,000	–	1,149,118	–	4.11%	–
GAIA	New	GAIAM INCcl a	$13,653,000	–	1,777,785	–	3.90%	–
BCF	New	BLACKROCK REAL ASSET EQUITY	$13,323,000	–	1,418,826	–	3.81%	–
GROW	New	U S GLOBAL INVS INCcl a	$8,819,000	–	2,505,496	–	2.52%	–
FT	New	FRANKLIN UNVL TRsh ben int	$7,930,000	–	1,053,424	–	2.26%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$7,595,000	–	874,964	–	2.17%	–
MTS	New	MONTGOMERY STR INCOME SECS I	$7,583,000	–	454,612	–	2.17%	–
SLW	New	SILVER WHEATON CORP	$7,507,000	–	285,757	–	2.14%	–
HTD	New	HANCOCK JOHN TAX-ADV DIV INC	$7,455,000	–	356,198	–	2.13%	–
CDE	New	COEUR MNG INC	$7,146,000	–	778,388	–	2.04%	–
DDC	New	DOMINION DIAMOND CORP	$6,413,000	–	443,825	–	1.83%	–
MPW	New	MEDICAL PPTYS TRUST INC	$6,016,000	–	454,355	–	1.72%	–
ERC	New	WELLS FARGO ADVANTAGE MULTI	$5,631,000	–	377,904	–	1.61%	–
SGL	New	STRATEGIC GLOBAL INCOME FD	$5,080,000	–	543,343	–	1.45%	–
MBT	New	MOBILE TELESYSTEMS OJSCsponsored adr	$4,730,000	–	239,625	–	1.35%	–
FOF	New	COHEN & STEERS CLOSED END OP	$4,679,000	–	346,045	–	1.34%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$4,617,000	–	4,294,000	–	1.32%	–
0295SC	New	AMERICAN SELECT PORTFOLIO IN	$4,572,000	–	427,263	–	1.31%	–
COT	New	COTT CORP QUE	$4,398,000	–	622,028	–	1.26%	–
T	New	AT&T INC	$3,776,000	–	106,783	–	1.08%	–
DCA	New	VIRTUS TOTAL RETURN FD	$3,725,000	–	776,023	–	1.06%	–
FPF	New	FIRST TR INTER DUR PFD & IN	$3,480,000	–	152,169	–	0.99%	–
FAST	New	FASTENAL CO	$3,470,000	–	70,113	–	0.99%	–
NID	New	NUVEEN INTER DURATION MN TMF	$3,405,000	–	270,478	–	0.97%	–
FTT	New	FEDERATED ENHANC TREAS INCM	$3,247,000	–	240,733	–	0.93%	–
GDO	New	WESTERN ASSET GLOBAL CP DEFI	$2,984,000	–	159,655	–	0.85%	–
MMT	New	MFS MULTIMARKET INCOME TRsh ben int	$2,969,000	–	446,518	–	0.85%	–
BTG	New	B2GOLD CORP	$2,740,000	–	938,295	–	0.78%	–
BPY	New	BROOKFIELD PPTY PARTNERS L Punit ltd partn	$2,635,000	–	126,271	–	0.75%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$2,605,000	–	174,977	–	0.74%	–
PMO	New	PUTNAM MUN OPPORTUNITIES TRsh ben int	$2,525,000	–	214,900	–	0.72%	–
BTT	New	BLACKROCK MUN TARGET TERM TR	$2,498,000	–	123,000	–	0.71%	–
DLR	New	DIGITAL RLTY TR INC	$2,466,000	–	42,280	–	0.70%	–
IQI	New	INVESCO QUALITY MUNI INC TRS	$2,441,000	–	198,812	–	0.70%	–
VBF	New	INVESCO BD FD	$2,356,000	–	122,837	–	0.67%	–
MUI	New	BLACKROCK MUNI INTER DR FD I	$2,311,000	–	158,304	–	0.66%	–
JGG	New	NUVEEN GBL INCOME OPPORTUN F	$2,307,000	–	180,951	–	0.66%	–
CSI	New	CUTWATER SELECT INCOME FD	$2,221,000	–	110,261	–	0.63%	–
WIA	New	WESTERN ASSET CLYM INFL SEC	$2,185,000	–	178,646	–	0.62%	–
GG	New	GOLDCORP INC NEW	$2,173,000	–	77,853	–	0.62%	–
ETX	New	EATON VANCE MUN INCOME TERM	$2,123,000	–	126,000	–	0.61%	–
EOT	New	EATON VANCE NATL MUN OPPORT	$2,026,000	–	101,291	–	0.58%	–
TINY	New	HARRIS & HARRIS GROUP INC	$2,010,000	–	632,042	–	0.57%	–
VGM	New	INVESCO TR INVT GRADE MUNS	$1,895,000	–	145,400	–	0.54%	–
NIQ	New	NUVEEN INT DUR QUAL MUN TRM	$1,873,000	–	145,960	–	0.54%	–
BWG	New	LEGG MASON BW GLB INC OPP FD	$1,590,000	–	86,651	–	0.45%	–
8107SC	New	AMERICAN STRATEGIC INCM PTFL	$1,549,000	–	150,980	–	0.44%	–
MNP	New	WESTERN ASST MN PRT FD INC	$1,431,000	–	97,162	–	0.41%	–
LWAY	New	LIFEWAY FOODS INC	$1,433,000	–	102,526	–	0.41%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$1,417,000	–	57,861	–	0.40%	–
NU	New	NORTHEAST UTILS	$1,411,000	–	29,860	–	0.40%	–
DOVR	New	DOVER SADDLERY INC	$1,389,000	–	255,750	–	0.40%	–
ICB	New	MORGAN STANLEY TRUSTS	$1,342,000	–	74,372	–	0.38%	–
AEC	New	ASSOCIATED ESTATES RLTY CORP	$1,267,000	–	70,300	–	0.36%	–
BNA	New	BLACKROCK INCOME OPP TRUST I	$1,245,000	–	114,639	–	0.36%	–
LODE	New	COMSTOCK MNG INC	$1,131,000	–	677,314	–	0.32%	–
BCV	New	BANCROFT FUND LTD	$1,077,000	–	53,374	–	0.31%	–
CMK	New	MFS INTERMARKET INCOME TRUSTsh ben int	$1,054,000	–	123,558	–	0.30%	–
SBW	New	WESTERN ASSET WORLDWIDE INCO	$1,029,000	–	78,229	–	0.29%	–
SPE	New	SPECIAL OPPORTUNITIES FD INC	$994,000	–	59,537	–	0.28%	–
VFL	New	DELAWARE INVT NAT MUNI INC Fsh ben int	$992,000	–	76,938	–	0.28%	–
BSP	New	AMERN STRATEGIC INCOME PTFL	$968,000	–	110,243	–	0.28%	–
FFNM	New	FIRST FED NORTHN MICH BANCOR	$967,000	–	157,956	–	0.28%	–
NXR	New	NUVEEN SELECT TAX FREE INCMsh ben int	$962,000	–	68,300	–	0.28%	–
TDF	New	TEMPLETON DRAGON FD INC	$950,000	–	36,753	–	0.27%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$926,000	–	7,320	–	0.26%	–
CL	New	COLGATE PALMOLIVE CO	$832,000	–	12,200	–	0.24%	–
NXP	New	NUVEEN SELECT TAX FREE INCMsh ben int	$824,000	–	58,514	–	0.24%	–
MCN	New	MADISON CVRED CALL & EQ STR	$764,000	–	86,883	–	0.22%	–
ZTR	New	ZWEIG TOTAL RETURN FD INC	$730,000	–	50,745	–	0.21%	–
JVA	New	COFFEE HLDGS INC	$666,000	–	94,307	–	0.19%	–
DMB	New	DREYFUS MUN BD INFRSTRCTR FD	$663,000	–	56,000	–	0.19%	–
PG	New	PROCTER & GAMBLE CO	$623,000	–	7,925	–	0.18%	–
NOAH	New	NOAH HLDGS LTDsponsored ads	$605,000	–	42,800	–	0.17%	–
BUI	New	BLACKROCK UTIL & INFRASTRCTU	$592,000	–	28,253	–	0.17%	–
FPT	New	FEDERATED PREM INTR MUN INC	$582,000	–	44,150	–	0.17%	–
BTF	New	BOULDER TOTAL RETURN FD INC	$574,000	–	22,351	–	0.16%	–
NXQ	New	NUVEEN SELECT TAX FREE INCMsh ben int	$573,000	–	41,877	–	0.16%	–
RMT	New	ROYCE MICRO-CAP TR INC	$569,000	–	45,100	–	0.16%	–
DTE	New	DTE ENERGY CO	$551,000	–	7,075	–	0.16%	–
RGSE	New	REAL GOODS SOLAR INCcl a	$546,000	–	183,078	–	0.16%	–
ED	New	CONSOLIDATED EDISON INC	$482,000	–	8,343	–	0.14%	–
CXH	New	MFS INVT GRADE MUN TRsh ben int	$422,000	–	45,500	–	0.12%	–
GIM	New	TEMPLETON GLOBAL INCOME FD	$385,000	–	46,647	–	0.11%	–
MMD	New	MAINSTAY DEFINEDTERM MN OPP	$371,000	–	20,800	–	0.11%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$371,000	–	23,104	–	0.11%	–
PIM	New	PUTNAM MASTER INTER INCOME Tsh ben int	$353,000	–	68,621	–	0.10%	–
ZF	New	ZWEIG FD	$347,000	–	22,181	–	0.10%	–
WAG	New	WALGREEN CO	$332,000	–	4,480	–	0.10%	–
CSQ	New	CALAMOS STRATEGIC TOTL RETN	$259,000	–	21,548	–	0.07%	–
APA	New	APACHE CORP	$248,000	–	2,464	–	0.07%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$247,000	–	2,405	–	0.07%	–
JTP	New	NUVEEN QUALITY PFD INCOME FD	$243,000	–	28,536	–	0.07%	–
PFE	New	PFIZER INC	$233,000	–	7,851	–	0.07%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$211,000	–	21,725	–	0.06%	–
APF	New	MORGAN STANLEY ASIA PAC FD I	$191,000	–	11,421	–	0.06%	–
LOR	New	LAZARD WORLD DIVID & INCOME	$165,000	–	10,875	–	0.05%	–
PW	New	POWER REIT	$129,000	–	14,289	–	0.04%	–
VIAS	New	VIASYSTEMS GROUP INC	$122,000	–	11,190	–	0.04%	–
SBI	New	WESTERN ASSET INTM MUNI FD I	$107,000	–	11,000	–	0.03%	–
AEG	New	AEGON N Vny registry sh	$109,000	–	12,446	–	0.03%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	INTEL CORPsdcv 2.950%12/1	$0	–	-16,000	–	-0.01%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-10,327	–	-0.02%	–
MNKD	Exit	MANNKIND CORP	$0	–	-11,600	–	-0.02%	–
JTP	Exit	NUVEEN QUALITY PFD INCOME FD	$0	–	-14,500	–	-0.04%	–
CSQ	Exit	CALAMOS STRATEGIC TOTL RETN	$0	–	-11,850	–	-0.04%	–
CHW	Exit	CALAMOS GBL DYN INCOME FUND	$0	–	-13,950	–	-0.05%	–
VIAS	Exit	VIASYSTEMS GROUP INC	$0	–	-11,190	–	-0.06%	–
TOFB	Exit	TOFUTTI BRANDS INC	$0	–	-87,300	–	-0.07%	–
JPC	Exit	NUVEEN PFD INCOME OPPRTNY FD	$0	–	-22,325	–	-0.07%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,355	–	-0.08%	–
APA	Exit	APACHE CORP	$0	–	-2,464	–	-0.08%	–
DTE	Exit	DTE ENERGY CO	$0	–	-3,575	–	-0.09%	–
UPS	Exit	UNITED PARCEL SERVICE INCcl b	$0	–	-2,608	–	-0.09%	–
TEVA	Exit	TEVA PHARMACEUTICAL INDS LTDadr	$0	–	-6,322	–	-0.09%	–
WAG	Exit	WALGREEN CO	$0	–	-4,480	–	-0.09%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-3,126	–	-0.10%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-6,844	–	-0.11%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO	$0	–	-8,501	–	-0.12%	–
BOE	Exit	BLACKROCK GLOBAL OPP EQTY TR	$0	–	-22,742	–	-0.12%	–
DNY	Exit	DENALI FD INC	$0	–	-16,924	–	-0.12%	–
MSF	Exit	MORGAN STANLEY EMER MKTS FD	$0	–	-22,628	–	-0.13%	–
ZF	Exit	ZWEIG FD	$0	–	-25,940	–	-0.13%	–
PG	Exit	PROCTER & GAMBLE CO	$0	–	-5,793	–	-0.17%	–
LOR	Exit	LAZARD WORLD DIVID & INCOME	$0	–	-33,380	–	-0.17%	–
ED	Exit	CONSOLIDATED EDISON INC	$0	–	-8,343	–	-0.18%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-15,433	–	-0.20%	–
T101SC	Exit	AMERICAN STRATEGIC INCOME II	$0	–	-79,420	–	-0.21%	–
SBW	Exit	WESTERN ASSET WORLDWIDE INCO	$0	–	-49,347	–	-0.24%	–
RMT	Exit	ROYCE MICRO-CAP TR INC	$0	–	-54,635	–	-0.24%	–
MMT	Exit	MFS MULTIMARKET INCOME TRsh ben int	$0	–	-101,951	–	-0.26%	–
CL	Exit	COLGATE PALMOLIVE CO	$0	–	-12,000	–	-0.27%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-6,577	–	-0.29%	–
BTF	Exit	BOULDER TOTAL RETURN FD INC	$0	–	-35,780	–	-0.30%	–
FFNM	Exit	FIRST FED NORTHN MICH BANCOR	$0	–	-182,067	–	-0.31%	–
AAPL	Exit	APPLE INC	$0	–	-1,933	–	-0.35%	–
BUI	Exit	BLACKROCK UTIL & INFRASTRCTU	$0	–	-53,908	–	-0.36%	–
LODE	Exit	COMSTOCK MNG INC	$0	–	-604,106	–	-0.42%	–
BTG	Exit	B2GOLD CORP	$0	–	-470,290	–	-0.45%	–
DWA	Exit	DREAMWORKS ANIMATION SKG INCcl a	$0	–	-42,015	–	-0.46%	–
NU	Exit	NORTHEAST UTILS	$0	–	-29,860	–	-0.47%	–
HTD	Exit	HANCOCK JOHN TAX-ADV DIV INC	$0	–	-74,285	–	-0.50%	–
TDF	Exit	TEMPLETON DRAGON FD INC	$0	–	-50,665	–	-0.50%	–
LWAY	Exit	LIFEWAY FOODS INC	$0	–	-104,053	–	-0.54%	–
WIA	Exit	WESTERN ASSET CLYM INFL SEC	$0	–	-132,928	–	-0.59%	–
8107SC	Exit	AMERICAN STRATEGIC INCM PTFL	$0	–	-164,505	–	-0.62%	–
DOVR	Exit	DOVER SADDLERY INC	$0	–	-366,800	–	-0.63%	–
ICB	Exit	MORGAN STANLEY TRUSTS	$0	–	-99,263	–	-0.63%	–
CMK	Exit	MFS INTERMARKET INCOME TRUSTsh ben int	$0	–	-216,223	–	-0.66%	–
BCV	Exit	BANCROFT FUND LTD	$0	–	-97,166	–	-0.67%	–
JGG	Exit	NUVEEN GBL INCOME OPPORTUN F	$0	–	-157,323	–	-0.71%	–
BNA	Exit	BLACKROCK INCOME OPP TRUST I	$0	–	-187,413	–	-0.71%	–
UTF	Exit	COHEN & STEERS INFRASTRUCTUR	$0	–	-96,183	–	-0.73%	–
ZTR	Exit	ZWEIG TOTAL RETURN FD INC	$0	–	-152,814	–	-0.77%	–
PIM	Exit	PUTNAM MASTER INTER INCOME Tsh ben int	$0	–	-467,613	–	-0.87%	–
RGSE	Exit	REAL GOODS SOLAR INCcl a	$0	–	-860,210	–	-0.92%	–
GDO	Exit	WESTERN ASSET GLOBAL CP DEFI	$0	–	-136,067	–	-0.93%	–
NTTYY	Exit	NIPPON TELEG & TEL CORPsponsored adr	$0	–	-94,768	–	-0.95%	–
FDI	Exit	FORT DEARBORN INCOME SECS IN	$0	–	-192,427	–	-1.03%	–
BWG	Exit	LEGG MASON BW GLB INC OPP FD	$0	–	-175,363	–	-1.12%	–
VBF	Exit	INVESCO BD FD	$0	–	-168,622	–	-1.13%	–
CSI	Exit	CUTWATER SELECT INCOME FD	$0	–	-182,970	–	-1.25%	–
BSP	Exit	AMERN STRATEGIC INCOME PTFL	$0	–	-417,426	–	-1.30%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-281,795	–	-1.32%	–
FAST	Exit	FASTENAL CO	$0	–	-70,639	–	-1.36%	–
HE	Exit	HAWAIIAN ELEC INDUSTRIES	$0	–	-156,694	–	-1.51%	–
DDC	Exit	DOMINION DIAMOND CORP	$0	–	-339,655	–	-1.59%	–
SGL	Exit	STRATEGIC GLOBAL INCOME FD	$0	–	-448,409	–	-1.60%	–
	Exit	ROYAL GOLD INCnote 2.875% 6/1	$0	–	-4,363,000	–	-1.60%	–
SLW	Exit	SILVER WHEATON CORP	$0	–	-184,536	–	-1.75%	–
JHP	Exit	NUVEEN QUALITY PFD INC FD 3	$0	–	-584,721	–	-1.77%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-101,098	–	-1.89%	–
0295SC	Exit	AMERICAN SELECT PORTFOLIO IN	$0	–	-523,561	–	-1.93%	–
DCA	Exit	VIRTUS TOTAL RETURN FD	$0	–	-1,276,802	–	-1.93%	–
AEC	Exit	ASSOCIATED ESTATES RLTY CORP	$0	–	-338,727	–	-1.94%	–
MCN	Exit	MADISON CVRED CALL & EQ STR	$0	–	-653,190	–	-1.98%	–
GROW	Exit	U S GLOBAL INVS INCcl a	$0	–	-1,855,527	–	-2.03%	–
FT	Exit	FRANKLIN UNVL TRsh ben int	$0	–	-786,962	–	-2.06%	–
BCF	Exit	BLACKROCK REAL ASSET EQUITY	$0	–	-684,591	–	-2.36%	–
FTT	Exit	FEDERATED ENHANC TREAS INCM	$0	–	-485,032	–	-2.39%	–
ERC	Exit	WELLS FARGO ADVANTAGE MULTI	$0	–	-467,777	–	-2.53%	–
MTS	Exit	MONTGOMERY STR INCOME SECS I	$0	–	-519,166	–	-3.12%	–
GAIA	Exit	GAIAM INCcl a	$0	–	-1,803,997	–	-3.46%	–
PDT	Exit	HANCOCK JOHN PREMUIM DIV FD	$0	–	-1,421,025	–	-6.52%	–
BTZ	Exit	BLACKROCK CR ALLCTN INC TR	$0	–	-1,452,842	–	-7.26%	–
WIW	Exit	WESTERN ASSET CLYM INFL OPP	$0	–	-2,112,287	–	-9.39%	–
ACG	Exit	ALLIANCEBERNSTEIN INCOME FUN	$0	–	-4,402,317	–	-11.88%	–

Q3 2013

			Value		Shares		↓ Weighting
ACG	Buy	ALLIANCEBERNSTEIN INCOME FUN	$30,992,000	+69.2%	4,402,317	+79.3%	11.88%	+16.7%
WIW	Buy	WESTERN ASSET CLYM INFL OPP	$24,503,000	+30.8%	2,112,287	+33.6%	9.39%	-9.8%
BTZ	Buy	BLACKROCK CR ALLCTN INC TR	$18,945,000	+9.5%	1,452,842	+9.0%	7.26%	-24.5%
PDT	Buy	HANCOCK JOHN PREMUIM DIV FD	$17,010,000	+615.3%	1,421,025	+692.5%	6.52%	+393.3%
GAIA	Sell	GAIAM INCcl a	$9,038,000	+10.7%	1,803,997	-1.4%	3.46%	-23.6%
MTS	Buy	MONTGOMERY STR INCOME SECS I	$8,156,000	+25.4%	519,166	+29.0%	3.12%	-13.5%
ERC	New	WELLS FARGO ADVANTAGE MULTI	$6,614,000	–	467,777	–	2.53%	–
FTT	Buy	FEDERATED ENHANC TREAS INCM	$6,238,000	+49.0%	485,032	+50.7%	2.39%	+2.8%
BCF	New	BLACKROCK REAL ASSET EQUITY	$6,148,000	–	684,591	–	2.36%	–
FT	Buy	FRANKLIN UNVL TRsh ben int	$5,375,000	+396.8%	786,962	+396.8%	2.06%	+242.6%
GROW	Buy	U S GLOBAL INVS INCcl a	$5,307,000	+35.6%	1,855,527	+0.0%	2.03%	-6.5%
MCN	New	MADISON CVRED CALL & EQ STR	$5,180,000	–	653,190	–	1.98%	–
AEC	New	ASSOCIATED ESTATES RLTY CORP	$5,050,000	–	338,727	–	1.94%	–
DCA	Buy	VIRTUS TOTAL RETURN FD	$5,031,000	+42.9%	1,276,802	+40.3%	1.93%	-1.4%
0295SC	Buy	AMERICAN SELECT PORTFOLIO IN	$5,031,000	+235.8%	523,561	+255.1%	1.93%	+131.7%
RIO	New	RIO TINTO PLCsponsored adr	$4,930,000	–	101,098	–	1.89%	–
JHP	New	NUVEEN QUALITY PFD INC FD 3	$4,613,000	–	584,721	–	1.77%	–
SLW	Buy	SILVER WHEATON CORP	$4,571,000	+26.6%	184,536	+0.5%	1.75%	-12.8%
SGL	Buy	STRATEGIC GLOBAL INCOME FD	$4,166,000	+13.6%	448,409	+15.2%	1.60%	-21.6%
DDC	Buy	DOMINION DIAMOND CORP	$4,140,000	-0.1%	339,655	+15.8%	1.59%	-31.1%
HE	Buy	HAWAIIAN ELEC INDUSTRIES	$3,933,000	-0.5%	156,694	+0.4%	1.51%	-31.3%
FAST	Sell	FASTENAL CO	$3,551,000	+9.7%	70,639	-0.0%	1.36%	-24.3%
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$3,438,000	–	281,795	–	1.32%	–
BSP	New	AMERN STRATEGIC INCOME PTFL	$3,385,000	–	417,426	–	1.30%	–
CSI	Buy	CUTWATER SELECT INCOME FD	$3,255,000	+455.5%	182,970	+473.6%	1.25%	+282.5%
VBF	Buy	INVESCO BD FD	$2,958,000	+157.4%	168,622	+168.9%	1.13%	+77.6%
BWG	Buy	LEGG MASON BW GLB INC OPP FD	$2,934,000	+253.1%	175,363	+274.1%	1.12%	+143.3%
FDI	Buy	FORT DEARBORN INCOME SECS IN	$2,686,000	+415.5%	192,427	+430.7%	1.03%	+256.1%
NTTYY	Sell	NIPPON TELEG & TEL CORPsponsored adr	$2,470,000	-4.5%	94,768	-4.7%	0.95%	-34.2%
GDO	Buy	WESTERN ASSET GLOBAL CP DEFI	$2,421,000	+1010.6%	136,067	+1033.9%	0.93%	+666.9%
RGSE	Sell	REAL GOODS SOLAR INCcl a	$2,401,000	-32.3%	860,210	-38.3%	0.92%	-53.3%
PIM	Buy	PUTNAM MASTER INTER INCOME Tsh ben int	$2,282,000	+109.6%	467,613	+113.8%	0.87%	+44.5%
ZTR	New	ZWEIG TOTAL RETURN FD INC	$2,002,000	–	152,814	–	0.77%	–
UTF	Sell	COHEN & STEERS INFRASTRUCTUR	$1,899,000	-20.0%	96,183	-23.4%	0.73%	-44.8%
BNA	New	BLACKROCK INCOME OPP TRUST I	$1,855,000	–	187,413	–	0.71%	–
JGG	Buy	NUVEEN GBL INCOME OPPORTUN F	$1,845,000	+936.5%	157,323	+990.5%	0.71%	+614.1%
BCV	Buy	BANCROFT FUND LTD	$1,741,000	+4.0%	97,166	+0.6%	0.67%	-28.3%
CMK	Sell	MFS INTERMARKET INCOME TRUSTsh ben int	$1,730,000	-2.3%	216,223	-0.6%	0.66%	-32.6%
ICB	New	MORGAN STANLEY TRUSTS	$1,651,000	–	99,263	–	0.63%	–
DOVR	Buy	DOVER SADDLERY INC	$1,647,000	+28.1%	366,800	+3.0%	0.63%	-11.7%
8107SC	New	AMERICAN STRATEGIC INCM PTFL	$1,607,000	–	164,505	–	0.62%	–
WIA	Buy	WESTERN ASSET CLYM INFL SEC	$1,547,000	+62.3%	132,928	+66.8%	0.59%	+12.1%
LWAY	Buy	LIFEWAY FOODS INC	$1,406,000	-11.3%	104,053	+13.9%	0.54%	-38.8%
TDF	Buy	TEMPLETON DRAGON FD INC	$1,319,000	+107.7%	50,665	+100.1%	0.50%	+43.1%
HTD	New	HANCOCK JOHN TAX-ADV DIV INC	$1,293,000	–	74,285	–	0.50%	–
DWA	Sell	DREAMWORKS ANIMATION SKG INCcl a	$1,196,000	-54.7%	42,015	-59.2%	0.46%	-68.8%
BTG	New	B2GOLD CORP	$1,166,000	–	470,290	–	0.45%	–
LODE	New	COMSTOCK MNG INC	$1,087,000	–	604,106	–	0.42%	–
BUI	New	BLACKROCK UTIL & INFRASTRCTU	$941,000	–	53,908	–	0.36%	–
AAPL	Sell	APPLE INC	$922,000	+3.4%	1,933	-14.1%	0.35%	-28.8%
FFNM	Sell	FIRST FED NORTHN MICH BANCOR	$807,000	-7.6%	182,067	-8.7%	0.31%	-36.3%
BTF	Sell	BOULDER TOTAL RETURN FD INC	$780,000	-45.3%	35,780	-46.9%	0.30%	-62.2%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$747,000	-8.6%	6,577	-9.9%	0.29%	-37.0%
CL	Sell	COLGATE PALMOLIVE CO	$712,000	+1.6%	12,000	-1.9%	0.27%	-29.8%
MMT	Buy	MFS MULTIMARKET INCOME TRsh ben int	$674,000	+18.9%	101,951	+20.0%	0.26%	-18.1%
RMT	Sell	ROYCE MICRO-CAP TR INC	$640,000	-56.4%	54,635	-59.8%	0.24%	-70.0%
SBW	Buy	WESTERN ASSET WORLDWIDE INCO	$620,000	+2.6%	49,347	+6.9%	0.24%	-29.2%
T101SC	Sell	AMERICAN STRATEGIC INCOME II	$550,000	-88.0%	79,420	-87.9%	0.21%	-91.7%
MSFT	Sell	MICROSOFT CORP	$514,000	-82.8%	15,433	-82.2%	0.20%	-88.1%
LOR	Sell	LAZARD WORLD DIVID & INCOME	$447,000	-81.8%	33,380	-82.2%	0.17%	-87.5%
PG	Sell	PROCTER & GAMBLE CO	$438,000	-25.3%	5,793	-23.9%	0.17%	-48.5%
ZF	New	ZWEIG FD	$351,000	–	25,940	–	0.13%	–
MSF	New	MORGAN STANLEY EMER MKTS FD	$339,000	–	22,628	–	0.13%	–
DNY	Sell	DENALI FD INC	$322,000	-4.5%	16,924	-2.2%	0.12%	-34.2%
BOE	New	BLACKROCK GLOBAL OPP EQTY TR	$318,000	–	22,742	–	0.12%	–
ADM	New	ARCHER DANIELS MIDLAND CO	$313,000	–	8,501	–	0.12%	–
WFC	Buy	WELLS FARGO & CO NEW	$283,000	+25.2%	6,844	+25.1%	0.11%	-14.3%
TRV	New	TRAVELERS COMPANIES INC	$265,000	–	3,126	–	0.10%	–
TEVA	Buy	TEVA PHARMACEUTICAL INDS LTDadr	$239,000	-2.0%	6,322	+1.6%	0.09%	-32.4%
WAG	Sell	WALGREEN CO	$241,000	+7.1%	4,480	-11.8%	0.09%	-26.4%
UPS	Sell	UNITED PARCEL SERVICE INCcl b	$238,000	-10.2%	2,608	-15.0%	0.09%	-38.1%
DTE	Sell	DTE ENERGY CO	$236,000	-10.6%	3,575	-9.4%	0.09%	-38.8%
APA	Sell	APACHE CORP	$210,000	0.0%	2,464	-1.5%	0.08%	-31.6%
XOM	Sell	EXXON MOBIL CORP	$203,000	-42.0%	2,355	-39.3%	0.08%	-59.8%
JPC	Sell	NUVEEN PFD INCOME OPPRTNY FD	$194,000	-10.6%	22,325	-1.8%	0.07%	-38.8%
TOFB	Sell	TOFUTTI BRANDS INC	$184,000	+39.4%	87,300	-1.0%	0.07%	-4.1%
CHW	Buy	CALAMOS GBL DYN INCOME FUND	$119,000	+26.6%	13,950	+23.5%	0.05%	-11.5%
CSQ	New	CALAMOS STRATEGIC TOTL RETN	$118,000	–	11,850	–	0.04%	–
JTP	New	NUVEEN QUALITY PFD INCOME FD	$110,000	–	14,500	–	0.04%	–
KGC	Sell	KINROSS GOLD CORP	$52,000	-98.3%	10,327	-98.3%	0.02%	-98.8%
	Exit	EXIDE TECHNOLOGIESfrnt 9/1	$0	–	-12,000	–	-0.00%	–
HMY	Exit	HARMONY GOLD MNG LTDsponsored adr	$0	–	-14,088	–	-0.03%	–
KOG	Exit	KODIAK OIL & GAS CORP	$0	–	-12,375	–	-0.06%	–
POOL	Exit	POOL CORPORATION	$0	–	-4,620	–	-0.13%	–
IR	Exit	INGERSOLL-RAND PLC	$0	–	-9,492	–	-0.29%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-162,567	–	-2.70%	–
VOD	Exit	VODAFONE GROUP PLC NEWspons adr new	$0	–	-245,909	–	-3.93%	–
UNTD	Exit	UNITED ONLINE INC	$0	–	-1,279,239	–	-5.39%	–

Q2 2013

			Value		Shares		↓ Weighting
WIW	New	WESTERN ASSET CLYM INFL OPP	$18,732,000	–	1,580,779	–	10.41%	–
ACG	New	ALLIANCEBERNSTEIN INCOME FUN	$18,321,000	–	2,455,936	–	10.18%	–
BTZ	New	BLACKROCK CR ALLCTN INC TR	$17,302,000	–	1,333,008	–	9.61%	–
UNTD	New	UNITED ONLINE INC	$9,697,000	–	1,279,239	–	5.39%	–
GAIA	New	GAIAM INCcl a	$8,161,000	–	1,829,800	–	4.53%	–
VOD	New	VODAFONE GROUP PLC NEWspons adr new	$7,069,000	–	245,909	–	3.93%	–
MTS	New	MONTGOMERY STR INCOME SECS I	$6,502,000	–	402,364	–	3.61%	–
NEM	New	NEWMONT MINING CORP	$4,869,000	–	162,567	–	2.70%	–
T101SC	New	AMERICAN STRATEGIC INCOME II	$4,600,000	–	654,281	–	2.56%	–
FTT	New	FEDERATED ENHANC TREAS INCM	$4,187,000	–	321,830	–	2.33%	–
DDC	New	DOMINION DIAMOND CORP	$4,143,000	–	293,230	–	2.30%	–
	New	ROYAL GOLD INCnote 2.875% 6/1	$3,951,000	–	4,363,000	–	2.20%	–
HE	New	HAWAIIAN ELEC INDUSTRIES	$3,951,000	–	156,122	–	2.20%	–
GROW	New	U S GLOBAL INVS INCcl a	$3,915,000	–	1,855,242	–	2.18%	–
SGL	New	STRATEGIC GLOBAL INCOME FD	$3,666,000	–	389,198	–	2.04%	–
SLW	New	SILVER WHEATON CORP	$3,612,000	–	183,634	–	2.01%	–
RGSE	New	REAL GOODS SOLAR INCcl a	$3,544,000	–	1,395,246	–	1.97%	–
DCA	New	VIRTUS TOTAL RETURN FD	$3,521,000	–	909,908	–	1.96%	–
FAST	New	FASTENAL CO	$3,236,000	–	70,665	–	1.80%	–
KGC	New	KINROSS GOLD CORP	$3,127,000	–	613,192	–	1.74%	–
MSFT	New	MICROSOFT CORP	$2,988,000	–	86,483	–	1.66%	–
DWA	New	DREAMWORKS ANIMATION SKG INCcl a	$2,641,000	–	102,905	–	1.47%	–
NTTYY	New	NIPPON TELEG & TEL CORPsponsored adr	$2,586,000	–	99,440	–	1.44%	–
LOR	New	LAZARD WORLD DIVID & INCOME	$2,458,000	–	187,381	–	1.37%	–
PDT	New	HANCOCK JOHN PREMUIM DIV FD	$2,378,000	–	179,309	–	1.32%	–
UTF	New	COHEN & STEERS INFRASTRUCTUR	$2,373,000	–	125,625	–	1.32%	–
CMK	New	MFS INTERMARKET INCOME TRUSTsh ben int	$1,771,000	–	217,602	–	0.98%	–
BCV	New	BANCROFT FUND LTD	$1,674,000	–	96,570	–	0.93%	–
LWAY	New	LIFEWAY FOODS INC	$1,586,000	–	91,337	–	0.88%	–
0295SC	New	AMERICAN SELECT PORTFOLIO IN	$1,498,000	–	147,438	–	0.83%	–
RMT	New	ROYCE MICRO-CAP TR INC	$1,468,000	–	135,803	–	0.82%	–
BTF	New	BOULDER TOTAL RETURN FD INC	$1,426,000	–	67,382	–	0.79%	–
DOVR	New	DOVER SADDLERY INC	$1,286,000	–	356,175	–	0.72%	–
NU	New	NORTHEAST UTILS	$1,255,000	–	29,860	–	0.70%	–
VBF	New	INVESCO BD FD	$1,149,000	–	62,711	–	0.64%	–
PIM	New	PUTNAM MASTER INTER INCOME Tsh ben int	$1,089,000	–	218,730	–	0.60%	–
FT	New	FRANKLIN UNVL TRsh ben int	$1,082,000	–	158,398	–	0.60%	–
WIA	New	WESTERN ASSET CLYM INFL SEC	$953,000	–	79,690	–	0.53%	–
AAPL	New	APPLE INC	$892,000	–	2,250	–	0.50%	–
FFNM	New	FIRST FED NORTHN MICH BANCOR	$873,000	–	199,368	–	0.48%	–
BWG	New	LEGG MASON BW GLB INC OPP FD	$831,000	–	46,874	–	0.46%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$817,000	–	7,302	–	0.45%	–
CL	New	COLGATE PALMOLIVE CO	$701,000	–	12,230	–	0.39%	–
TDF	New	TEMPLETON DRAGON FD INC	$635,000	–	25,318	–	0.35%	–
SBW	New	WESTERN ASSET WORLDWIDE INCO	$604,000	–	46,158	–	0.34%	–
CSI	New	CUTWATER SELECT INCOME FD	$586,000	–	31,896	–	0.33%	–
PG	New	PROCTER & GAMBLE CO	$586,000	–	7,613	–	0.33%	–
MMT	New	MFS MULTIMARKET INCOME TRsh ben int	$567,000	–	84,951	–	0.32%	–
IR	New	INGERSOLL-RAND PLC	$527,000	–	9,492	–	0.29%	–
FDI	New	FORT DEARBORN INCOME SECS IN	$521,000	–	36,259	–	0.29%	–
ED	New	CONSOLIDATED EDISON INC	$486,000	–	8,343	–	0.27%	–
XOM	New	EXXON MOBIL CORP	$350,000	–	3,879	–	0.19%	–
DNY	New	DENALI FD INC	$337,000	–	17,299	–	0.19%	–
UPS	New	UNITED PARCEL SERVICE INCcl b	$265,000	–	3,068	–	0.15%	–
DTE	New	DTE ENERGY CO	$264,000	–	3,946	–	0.15%	–
TEVA	New	TEVA PHARMACEUTICAL INDS LTDadr	$244,000	–	6,221	–	0.14%	–
POOL	New	POOL CORPORATION	$242,000	–	4,620	–	0.13%	–
WFC	New	WELLS FARGO & CO NEW	$226,000	–	5,471	–	0.13%	–
WAG	New	WALGREEN CO	$225,000	–	5,080	–	0.12%	–
GDO	New	WESTERN ASSET GLOBAL CP DEFI	$218,000	–	12,000	–	0.12%	–
JPC	New	NUVEEN PFD INCOME OPPRTNY FD	$217,000	–	22,725	–	0.12%	–
APA	New	APACHE CORP	$210,000	–	2,502	–	0.12%	–
JGG	New	NUVEEN GBL INCOME OPPORTUN F	$178,000	–	14,427	–	0.10%	–
TOFB	New	TOFUTTI BRANDS INC	$132,000	–	88,200	–	0.07%	–
VIAS	New	VIASYSTEMS GROUP INC	$129,000	–	11,190	–	0.07%	–
KOG	New	KODIAK OIL & GAS CORP	$110,000	–	12,375	–	0.06%	–
CHW	New	CALAMOS GBL DYN INCOME FUND	$94,000	–	11,300	–	0.05%	–
MNKD	New	MANNKIND CORP	$75,000	–	11,600	–	0.04%	–
HMY	New	HARMONY GOLD MNG LTDsponsored adr	$54,000	–	14,088	–	0.03%	–
	New	INTEL CORPsdcv 2.950%12/1	$17,000	–	16,000	–	0.01%	–
	New	EXIDE TECHNOLOGIESfrnt 9/1	$2,000	–	12,000	–	0.00%	–

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